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$82-Mil Asian Hotel Divestment Program Arranged

NEW YORK CITY-Jones Lang LaSalle Hotels, the North American operations of which are based here, served as the exclusive property advisor to Hotel Plaza Limited, and arranged and structured the transaction.

By Amy Vaughn | Updated on May 01, 2001

NEW YORK CITY-Hotel Plaza Limited has purchased the joint venture and loan interests of hotels in Vietnam and the People’s Republic of China. Jones Lang LaSalle Hotels acted as the exclusive property advisor, arranging and structuring an approximately $82 million divestment program. Jones Lang LaSalle executives say this is part of an emerging interest in the Southeast Asian market.

The properties, which were owned by Singapore-based CapitaLand, which is seeking to divest its non-core assets, consist of three hotels. The properties are listed as four- and five-star facilities. The first is the 359-key Yangon Equatorial in Myanmar, Vietnam. The second is the 322-key Mertius Westlake in Hanoi, Vietnam. The third is the 328-room Sheraton Suzhou in China.

“The challenge we faced was to structure a transaction that enabled CapitaLand to maximize the capital invested in emerging markets,” said Michael Cowan, senior vice president, Jones Lang LaSalle Hotels. “We were able to financially engineer a solution that met Hotel Plaza’s investment guidelines, which will enable CapitaLand to participate in the improved performance of the hotels over the next five years.”

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