MONTEREY, CA— Jones Lang LaSalle Hotels has arranged the sale of the leasehold interest in the Hotel Pacific here to Not On Cannery Row LLC for approximately $150,000 per room. Coastal Hotel Group will continue to manage the property. The sale of this property reportedly completes Jones Lang LaSalle Hotels disposition of the five-property California coastal boutique hotel portfolio, as well as The Marshall House in Savannah, GA, on behalf of UBS Warburg. Mark Weinstock, a partner in the Real Estate and Global Hospitality Groups of Jeffer, Mangels, Butler and Marmaro LLP, was the lead attorney representing the seller in the portfolio transactions. The Hotel Pacific is a 105-room all-suite property located adjacent to the Monterey Convention Center downtown. It is within walking distance of Fishermans Wharf and proximate to the Monterey Bay Aquarium and Cannery Row.
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