NEW YORK—JLL’s Hotels & Hospitality Group announced that it has closed the sale of the dual-brand Homewood Suites & Tru by Hilton Albany Crossgates Mall, a 192-key, extended stay and select-service hotel in Albany, New York.
JLL marketed the property on behalf of the seller, Pyramid Management Group, in the sale to Maine Course Hospitality Group.
The Homewood Suites, an upscale extended stay brand, features 96 suites with fully equipped kitchens and the Tru, a select-service brand, features 96 traditional guest rooms. The hotel offers dual-branded integration with one check-in desk, complimentary hot breakfast, free WiFi and 24/7 fitness and business centers.
The hotel is conveniently located across from the Crossgates Mall at the intersection of Interstates 87 and 90 offering guests access to numerous dining, retail and entertainment options within walking distance. The dual-brand Homewood Suites & Tru by Hilton Albany Crossgates Mall is a six-minute drive from Albany International Airport and a 30-minute drive from Saratoga Springs leisure attractions. In addition, the property is proximate to renowned universities and research centers such as the University of Albany, Rensselaer Polytechnic Institute (RPI), Siena College, Union College, and SUNY Polytechnic College of Nanoscale Science and Engineering.
The JLL Hotels & Hospitality team working on behalf of the seller was led by Managing Director Alan Suzuki and Director Matthew Enright.
“This transaction highlights continued investor interest in newly constructed extended-stay and select-service hotels in strong markets with diverse demand generators,” said Suzuki.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.