JONES LANG LASALLE ARRANGES SALE OF HOTEL MONACO CHICAGO

CHICAGO — On behalf of institutional clients advised by Prudential Real Estate Investors, Jones Lang LaSalle Hotels has arranged the sale of the 192-room Hotel Monaco Chicago. The Hotel Monaco Denver and the Hotel Monaco Salt Lake City were also included in the transaction. The three-property portfolio was acquired by Cornerstone Real Estate Advisers LLC for the Cornerstone Hotel Income & Equity Fund II LP. In order to support the purchase, the real estate investment banking division of Jones Lang LaSalle secured acquisition financing from an undisclosed life insurance company. Alan Tantleff, Tom Fisher and John Strauss of Jones Lang LaSalle Hotels represented the seller in the transaction. The acquisition financing effort was led by Ben Singer and Jeff Davis. The acquisition price was not disclosed.