CBRE Hotels Sells Normandie Hotel San Juan Puerto Rico

Following Other Transactions in the Bahamas and Bermuda

​New York, New York – August 21, 2013 – CBRE Hotels and NAI Puerto Rico, acting as the exclusive advisor to Capmark, announced the August sale of the Normandie Hotel, located in San Juan, Puerto Rico. The hotel was sold to Houston-based Interra Capital Group.

Originally opened in 1942, the Normandie Hotel is a declared National Historic Site. Inspired by the design of the luxury ocean liner SS Normandie, the 97,000 square foot hotel includes 173 guestrooms and unobstructed ocean and city views. Closed in 2009, the property currently stands as an unoccupied shell, offering Interra the opportunity to capitalize on its central location within Old San Juan by restoring the asset to its full potential.

Bradley Burwell, Vice President of CBRE Hotels said, “We were happy that we could assist Capmark complete the sale of such a storied asset.”

Hector Aponte, Business Director for NAI Puerto Rico, added, “The restoration of this historic treasure will be a great thing for San Juan and the city’s tourism by revitalizing the entrance to Old San Juan.”

CBRE Hotels has sold six hotels in the Caribbean in the past 12 months, worth a combined $174 million.  The company closed the sale of the Paradise Island Hotel & Resort in December 2012 and Nassau Palms Resort in July 2013. Furthermore, CBRE Hotels represented GHI in the sale of the iconic Fairmont Princess Hamilton on Bermuda in late 2012. Mr. Burwell noted, “After years of limited interest, CBRE Hotels has witnessed a growing demand, primarily by private investors, to invest in the Caribbean and other resort island destinations.”

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 36 offices across the globe. For more information, please visit our website at www.cbrehotels.com.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.