Hotel Online  Special Report

 
 Upscale Mid-West Hotel and Office Plaza on Sales Block - 
Jones Lang LaSalle Hotels Tapped to Market
Cornhusker Square
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Lincoln, Nebraska�s First-Class, Mixed-Use Development
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LINCOLN, NE, June 5, 2003 �  On behalf of its client, Cornhusker Square Limited Partnership, an affiliate of Castle & Cooke, Jones Lang LaSalle Hotels will market the sale of Cornhusker Square located in Lincoln, Nebraska.  Cornhusker Square is comprised of The Cornhusker Hotel, a 10-story, upscale and full-service hotel and Cornhusker Plaza, a Class-A, approximately 86,000 square-foot office building.  Strategically located in Lincoln�s Central Business District, Cornhusker Square is considered one of the highest-quality, mixed-use developments in Lincoln, Nebraska. With its 290 guestrooms and approximately 46,000 square feet of meeting space, The Cornhusker is the largest hotel in Lincoln with respect to both guestroom count and amount of meeting space. 

According to Arthur Buser, Managing Director and Head of West Coast Operations for Jones Lang LaSalle Hotels, �The property will continue to benefit from its central location near the University of Nebraska, various federal and state governmental agencies, banking and insurance companies and other longstanding businesses.  As witnessed by the 15-plus bids received for our marketing of the Omni Orrington near Northwestern University, investors have expressed a strong buy sentiment for cities anchored by major universities.  We expect similar interest in this asset.� 

�With no major short-term turnover, a roster of quality tenants, and its strategic location, the Cornhusker Plaza provides an exceptional investment opportunity,� added Guy Ponticiello, Senior Vice President of Jones Lang LaSalle, who will be active in the marketing process for the property.

The Cornhusker Hotel originally opened in 1926 and was completely rebuilt in 1983 at a cost of approximately $34 million.  It offers two restaurants, including a Lincoln favorite -- the Terrace Grille, a gift shop, indoor pool, fitness center and other full-service guest amenities. The Burnham Yates Conference Center opened in 1994, following a nearly $4 million renovation, providing flexible meeting space adjacent to The Cornhusker Hotel. 

Jones Lang LaSalle Hotels, the world�s leading hotel investment services group, provides clients with value-added investment opportunities and advice. In 2002, its success story includes the sale of 6,747 hotel rooms to the value of US$862 million in 36 cities and advisory expertise on 116,877 rooms to the value of US$17.8 billion across 170 cities. Jones Lang LaSalle Hotels� services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research.  Jones Lang LaSalle (NYSE: JLL) is the world�s leading real estate services and investment management firm, operating across more than 100 key markets on five continents. www.joneslanglasallehotels.com

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Contact:
Leah Davis
Jones Lang LaSalle Hotels
Phone:  +1 480 219 8690
[email protected]
www.joneslanglasallehotels.com


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