JLL Hotels & Hospitality arranged the sale of the 443-key, recently renovated and market-leading Queens hotel
JLL Hotels & Hospitality announced today it arranged the sale of the 443-key New York LaGuardia Airport Marriott, Queens’ only full-service Marriott hotel. JLL represented the seller, Rubicon Companies, in the successful sale of the hotel to ASAP Holdings.
The hotel totals 224,620 square feet with various amenities, including the Ditmars Bar and Grill restaurant, a fitness center and approximately 13,000 square feet of meeting space. The property recently underwent $30 million in renovations in 2018, which included reconfigurations and renovations to public spaces, meeting areas, integration of the Great Room and M Club, remodeling of guest rooms and parking lot improvements.
Located at 102-05 Ditmars Blvd. in East Elmhurst and positioned near the LaGuardia Airport in Queens, the hotel’s newly renovated interiors reflect the melting pot of nationalities and cultures found in the borough, including dynamic patterns, textiles, colors and art from around the world. In conjunction with the hotel’s refresh, LaGuardia Airport is also undergoing $8 billion in renovations to its terminals and taxiway space. The airport is a major thoroughfare for transient and corporate travelers to the New York City metropolitan area and is a key economic driver for the market and hotel as we enter into a post-COVID-19 recovery phase.
The JLL Capital Markets team representing the seller was led by Executive Vice President KC Patel, Senior Managing Director Kevin Davis and Associate Nikhil Chuchra. The transaction represents the third asset JLL Hotels & Hospitality has advised on in New York City since September 2020.
“This transaction represents confidence within the investor universe targeting the recovery in the New York City market,” said Patel. “Throughout the pandemic, the asset remained open and grew market share relative to other competing assets and is positioned to grow as transient and corporate travelers return to New York. With its multi-billion-dollar infrastructure expansion and improvements, LaGuardia Airport will remain the number one domestic entry point into New York City for the foreseeable future.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
