CANNES, FRANCE— Jones Lang LaSalle’s European Hotels team has facilitated the second purchase in three years of the Cannes Beach Residence Côte d’Azur here, this time finding Pierre & Vacance willing to pony up nearly US$32 million for the three-star lodging complex. In 1999, Jones Lang LaSalle helped arranged the sale of the 692-furnished-apartment property to Lucia SA, the seller this time around, once again acting as exclusive advisors to the owners throughout the transaction process. Built around a swimming pool, yet nestled on a beachfront location in Cannes, the property reportedly attracted significant interest from a variety of investors and operators alike. Commenting on the conclusion of the deal, Jones Lang LaSalle Hotels EVP Nick Marsh pointed out: “The hotel was sold with vacant possession— a major attraction for European operators in particular.” Other selling features reportedly included the size and scale of the complex as well as the opportunity to the new owner of up-side potential from a future sale by units to individual investors. To this end, Pierre & Vacance are said to be planning a nearly US$12-million investment in and refurbishment of the apartments in preparation for re-sale.
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