The Hotel Monaco in downtown Salt Lake City has been sold for an undisclosed amount to a Connecticut company.
Jones Lang LaSalle Hotels said this week that it had helped with the sale of Hotel Monaco properties in Salt Lake City, Chicago and Denver on behalf of institutional clients advised by Prudential Real Estate Investors. The buyer is Cornerstone Real Estate Advisers LLC, based in Hartford, Conn., on behalf of the Cornerstone Hotel Income & Equity Fund II LP.
Jones Lang LaSalle Hotels said its real-estate investment banking experts secured the acquisition financing from a major life insurance company, which it did not identify, to support the Cornerstone purchase.
The Salt Lake hotel has 225 rooms. The Denver building has 189 rooms, while the Chicago property has 192.
Jones Lang LaSalle Hotels in 2007 provided sale and purchase advice on 259 hotel transactions worldwide, representing a total of $13.9 billion for properties with a total of 54,763 hotel rooms in 84 cities. Its parent is Jones Lang LaSalle, based in Chicago.