Jones Lang LaSalle Hotels is pleased to announce on behalf of its client FFI Real Estate LLC NE (Nuremberger Insurance Co), the sale of the Radisson Hill Country Resort & Spa to The Dow Hotel Company and The Prudential Insurance Company of America. The 227-guestroom resort is the newest full-service hotel in the Texas Hill Country market and serves as the official resort of the SeaWorld San Antonio.
The Radisson Hill Country Resort & Spa is centrally located within Westover Hills, a master-planned community within northwest San Antonio that extends over 1,270 acres of land. The resort is well positioned to attract both corporate and leisure business due to its proximity to numerous demand generators and tourist attractions.
San Antonio is one of the most active drive-to tourist destinations in North America. In 2006, more than eight million tourists visited San Antonio, making tourism the city’s second largest industry. With an employee base of more than 75,000 people, the hospitality and tourism industry brings more than $2.0 billion in visitor spending to the city, generating a total economic impact of more than $4.0 billion. This sector continues to be a strong economic generator for the city and remains a key element of future economic development efforts.
“San Antonio continues to be one of the most highly sought-after investment markets. The Radisson Hill Country Resort & Spa’s excellent physical condition and significant upside potential presented an outstanding opportunity for The Dow Hotel Company & The Prudential Insurance Company of America to acquire this upscale resort in San Antonio's most prominent leisure market,” said Alan Tantleff, executive vice president, Jones Lang LaSalle Hotels.
“We see tremendous investor interest in all areas of Texas,” said Dorraine Lallani, senior vice president, Jones Lang LaSalle Hotels. “The fundamentals are strong, the economy is growing, and investors are reacting positively to the market.”
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide both the depth and breadth of advice required by hotel investors and hotel companies, through a robust and integrated local network. In 2006, Jones Lang LaSalle Hotels provided sale and purchase advice on 186 hotel transactions globally; representing a combined value of US$9.3 billion, a total of 43,272 hotel rooms in 78 cities. In addition advisory and valuation services were provided on 589 assignments globally for 136,270 rooms across approximately 280 cities. The global team comprises 210 hotel specialists, operating from 24 offices in 14 countries. The firm’s advice is supported by a dedicated global research team, which produced over 45 publications in 2006 in addition to bespoke client research. Jones Lang LaSalle Hotels’ services span the hospitality spectrum, from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Their services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels’ clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com
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