ATLANTA, GA–The transactions market for full-service hotels is gaining momentum after a relatively moribund 2009, according to Jones Lang LaSalle Hotels.
This weeks sale of the InterContinental Buckhead here for $105 million was the third highest single asset hotel transaction in the U.S. year to date. The highest sale was the Hilton Minneapolis ($155 million), followed by the Hyatt Regency Boston ($112 million).
The InterContinental Buckhead also traded at $250,000 per key, the highest price per key ever paid for a single asset hotel deal in Atlanta.
Jones Lang LaSalle Hotels represented the seller, IHG, in that deal. The hotel was acquired by Pebblebrook Hotel Trust.