22 Dec 2004
Hilton sells Guam Resort and Spa for US$30m
Jones Lang LaSalle Hotels has announced the sale of the 687-room Hilton Resort and Spa, located on the Island of Guam, Micronesia, for approximately US$30m (£15.6m, 22.4m euros) to a Japan-based consortium.
Hilton International will continue to manage the property under the new ownership.
Craig Collins, executive vice president, Jones Lang LaSalle Hotels and exclusive advisor to the vendor, Hotel Marianas – of which Hilton International is the majority shareholder – said: “The property was offered for sale using an Expression of Interest campaign, which generated strong interest from local Guam-based investors as well as parties from the US and Japan.
“We are delighted with the outcome of the marketing campaign and the positive response received for the property especially from international investors,” he added.
Originally constructed in 1972, with more facilities built in the 1980s and 1990s, the Hilton Resort and Spa is located on a 13.2hectare (132,000sq m, 1.4m sq ft) beachfront site, with an additional 5.2 hectares (52,000sq m, 0.6m sq ft) of vacant land available for future development.
An extensive refurbishment programme is planned for the coming months. Details: www.joneslanglasallehotels.com
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