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News Release


Jones Lang LaSalle to sell Grand Hotel Lav Ltd. and Grand Marina Lav Ltd., Split, Croatia

A unique freehold opportunity with an unmatched range of facilities

London, 22 March 2013 – Hypo Alpe-Adria-Bank International AG is the sole shareholder in Grand Hotel Lav Ltd. and Grand Marina Lav Ltd. and have appointed Jones Lang LaSalle Hotels & Hospitality Group as sole exclusive agent to sell the companies in an open, transparent and non-discriminatory sales process. Grand Hotel Lav Ltd. and Grand Marina Lav Ltd own the Le Méridien Lav Hotel* and the adjoining resort and marina (totalling 4.4 Hectares), one of Croatia’s finest freehold hotel & resort investment opportunities.

Angus Wade, Executive Vice President at Jones Lang LaSalle Hotels & Hospitality who is managing the sale, said: “Le Meridien Lav Hotel and Resort offers a unique opportunity to purchase an internationally branded, market leading five star hotel and resort. Croatia’s ascension to the European Union in July this year is anticipated to improve the country’s long term stability and boost its tourism industry, further enhancing the trade prospects for the resort.”

Le Meridien Lav Hotel and Resort is situated in a prime beachfront position on the Adriatic coast. This fully integrated luxurious resort was completely renovated and refurbished in 2006 and offers 381 lavishly appointed guest rooms, a private marina, retail units, casino, nightclub, tennis courts, spa and swimming pool and a wealth of other food and beverage outlets, conference and leisure facilities. The hotel is operated by Starwood Hotels & Resorts Worldwide, Inc. under the luxury Le Meridien brand on a management contract.

Daniel Pugh, Vice President at Jones Lang LaSalle Hotels & Hospitality commented on the market: “The Croatian hotel market is dominated by international tourist visitation with its tourism industry going from strength to strength in recent years. Split saw an 8.9% increase in tourist arrivals in 2012 from 2011 with further market growth anticipated in 2013 and beyond”.


*Disclaimer: “Le Méridien” or “Méridien” is the trademark of Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”).  Starwood operates the Le Méridien Lav Hotel and the adjoining resort under a management contract executed by Starwood and Grand Hotel Lav d.o.o.  Hypo Alpe-Adria-Bank International AG does not imply that Starwood is endorsing, facilitating, or in any way participating in the sale of Grand Hotel Lav d.o.o. and Grand Marina Lav d.o.o.

About Jones Lang LaSalle
Jones Lang LaSalle (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 revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 242 million square meters. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management.
In Russia and CIS, Jones Lang LaSalle has offices in Moscow, St. Petersburg, Kiev and Aktau. Jones Lang LaSalle Russia was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011 and 2012 at the Commercial Real Estate Awards, Moscow and Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg. For further information, please visit

About Hotels & Hospitality Group
Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centres; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totalling nearly US$25 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
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