Jones Lang Arranges Vienna’s Largest Hotel Transaction

LONDON— Jones Lang LaSalle Hotels has arranged the sale of the Hilton Vienna to a local Viennese developer— Soravia Bautrager GmbH. The joint owners, Swissotel’s subsidiary, Sodereal Holdings SA and the pension fund of the SAir Group, sold the hotel as part of the ongoing restructuring of the SAir Group’s activities and follows the sale of Swissotel to Raffles. The long-term lease agreement for the Hilton Hotel has not been affected by this deal. In addition to the 585-room hotel, the acquisition included some office space, retail space and extensive car parking. The Vienna hotel market improved its performance in 2000 with quality hotel occupancy levels reaching 71.9% in their fifth year of growth. The transaction is the first major hotel sale in the market since Jones Lang LaSalle Hotels sold the Crowne Plaza in December 1999 for euro 26.2 million or US$22.16 million.