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Hotel will be converted into rental residences
Toronto, December 15, 2014 – JLL announced today the sale and upcoming redesign of Alberta Place. Alberta Place is currently a Suite Hotel with 86 hotel suites being purchased by Starlight Investments Ltd. and brokered by JLL Canada, the property will be converted into apartments and closed as a hotel by December 31, 2014. With more people living and working in the downtown core, the proposed apartment conversion will alleviate some of the increasing demand for residential space in Edmonton. Growth in the downtown core and the addition of the new NHL arena has attracted developers and investors from eastern Canada.
"This transaction speaks to the strong viability of rental units in the downtown core", said Paul Gemmel, Executive Vice President of JLL Canada's National Multi-Residential Investment Team. "Edmonton's rental market is tight and rents are expected to continue to rise in 2015 while vacancy rates remain low".
Alberta Place is unique in that it is a conversion from suite hotel to multi-family rental apartments. It is the second conversion of a hotel in Edmonton in recent years. The first conversion was Edmonton House (10205-100 Avenue), which MACLAB Enterprises turned into rental housing.
Originally built in 1973 as an apartment building (Montcalm Apartments), Alberta Place was converted to a hotel in the mid-80s.
JLL is Canada's fastest growing commercial real estate firm. JLL has two offices in Toronto, with the headquarters located downtown. The firm also operates in, Mississauga, Montreal, Ottawa, Vancouver, Calgary and Edmonton. JLL manages more than 50 million square feet of facilities across Canada. The firm offers tenant and landlord representation, project and development services, investment sales, advisory and appraisal services, debt capital markets and integrated facilities management services to owners and tenants in Canada.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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