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Article: JLL arranges sale of three Hotel Monacos.(Commercial)(Jones Lang LaSalle Hotels aquired by Cornerstone Real Estate Advisers LLC )
- Article from:
- Mortgage Banking
- Article date:
- November 1, 2008
CopyrightCOPYRIGHT 2008 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Chicago-based Jones Lang LaSalle (JLL) Hotels announced in September the sale of three of its hotels--the Hotel Monaco Chicago, Hotel Monaco Denver and Hotel Monaco Salt Lake City--on behalf of institutional clients advised by Parsippany, New Jersey-based Prudential Real Estate Investors (PREI[R]).
The portfolio of assets was purchased by Hartford, Connecticut-based Cornerstone Real Estate Advisers LLC for the Cornerstone Hotel Income & Equity Fund II LP (CHIEF II) for an undisclosed sum.
To support Cornerstone's purchase, Jones Lang LaSalle's real estate investment banking experts secured the acquisition financing from a major life insurance company. ...