Jones Lang Assists Bass In Posthouse Deal

LONDON Jones Lang LaSalle Hotels acted as property advisor to Bass Plc as the company negotiated its $1.2 billion purchase of the Posthouse hotel chain from Compass Group PLC. Jones Lang LaSalle provided strategic property and valuation advice, and determined that the purchase would allow Bass to achieve an EBITDA multiple of 6.2 times on the deal. As previously reported by HOTEL BUSINESS., Bass acquired the Posthouse chain with the intention of converting the 79 hotels, consisting of 12,300 rooms, to its Holiday Inn brand. The move will enable Holiday Inn to develop a leading position in the U.K. market, said sources. (4/9/01)