Hilton Garden Inn Baton Rouge Sells For US$10.6m
-- Hotels, 11/23/2009 7:35:00 AM
PRESS RELEASE
ATLANTA, NOVEMBER 20, 2009 – On behalf of Interstate Hotels & Resorts, Jones Lang LaSalle Hotels’ select service division is pleased to announce the sale of the Hilton Garden Inn Baton Rouge Airport to an opportunity fund managed by Fairwood Capital, LLC, for $10.6 million. Interstate Hotels & Resorts will continue to manage the property.
The property features 131 spacious guest rooms including 25 suites, a restaurant and lobby bar, a heated outdoor swimming pool and 1,500 square feet of meeting space. The hotel opened in 2004 and has benefited from subsequent capital improvements.
The property is situated off of Interstate 110, adjacent to the entrance of the Baton Rouge Metropolitan Airport in the Howell Place mixed-use commercial development, and is in close proximity to demand sources such as ExxonMobil, Southern University and downtown Baton Rouge.
“The acquisition of this hotel provided the buyer the opportunity to acquire a recently built high-quality asset in an economically sound and expanding market,” said Mark Fair, a managing director for Jones Lang LaSalle Hotels. “Baton Rouge has been resilient to the economic conditions experienced by the rest of the country. The market’s concentration of state government, major universities and emphasis on oil and gas refinery/distribution, has proven to be the right combination for the local hospitality industry.”
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