NANA Divests Four Anchorage Hotels to JL Properties
Sale allows NANA to focus on resource development
By NANA Development Corporation
November 20, 2017–Anchorage, Alaska—NANA sold four Anchorage hotels, effective November 7. The new owner, JL Properties, is an Alaska-based real estate and investment firm. The sale is designed to allow NANA to concentrate on furthering Alaska’s resource development industries, including the Red Dog Mine, and its strong federal and commercial group opportunities.
Image courtesy of NANA Development Corp.
“The NANA board of directors set a goal to increase profitability at NANA,” said President and CEO Wayne Westlake. “Part of that strategy, as I shared at NANA’s 2016 Annual Meeting, is to sell certain assets when the time is right. This was the right time and the right deal for NANA,” he added.
NANA and its partner opened the Courtyard, Midtown Springhill Suites, and Residence Inn in the late 1990s. In the mid-2000s NANA opened the University Lakes Springhill Suites to complement the existing properties in its portfolio. The hotels provided a positive return and a discounted rate for NANA shareholders.
NANA worked closely with the new owners to ensure that hotel staff was transferred to the new management company. In addition, job search and placement assistance within the NANA family of companies was offered to shareholder employees if they preferred to remain with NANA.