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On behalf of Midwest Hotel Portfolio, Jones Lang LaSalle Hotels announced the sale of the eight-hotel, 986-room Dakota hotel portfolio to PGPW, LLC and First Call Hotels. The portfolio includes Holiday Inn, Holiday Inn Express, Holiday Inn Express Hotel & Suites, and Hilton Garden Inn located in ND, MN, KS, and TX.
“Each property within the portfolio presented a stable cash flow opportunity that would be difficult to replace in their respective markets,” said Al Calhoun, a managing director for Jones Lang LaSalle Hotels. “Average daily rates are increasing steadily at all of the hotels and occupancy rates are high and stable. All of the hotels in the portfolio are performing at or above the average RevPAR for their respective brands.”
“The portfolio is comprised of market-leading branded hotels with high quality construction and have been well-maintained with up-to-date brand specification compliance,” said Calhoun. “The properties are all located in desirable markets with not only an operational upside opportunity, but also one to acquire current management.”
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