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ANCHORAGE, ALASKA – NANA is pleased to announce the sale of four Anchorage hotels that it had ownership interest in, effective Nov. 7, 2017. The new owner is JL Properties, an Alaska-based real estate and investment firm. This sale will allow NANA to concentrate further on Alaska’s resource development industries, including the Red Dog Mine, and its strong federal and commercial group opportunities.
NANA (60 percent owner) and Sodexo (40 percent owner) sold the jointly-owned Courtyard, Midtown Springhill Suites, and Residence Inn, as well as the University Lake Springhill Suites, which was owned 100 percent by NANA. NANA Management Services, LLC (NMS) has managed and operated the properties since the hotels opened.
“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.
NANA is an Alaska Native Corporation whose mission is to enrich the lives of its more than 14,000 shareholders. As the owner of a diversified holding company with business holdings in the federal, commercial and resource-development support industries, NANA works to maximize economic growth, protect and enhance its lands, and promote healthy communities with decisions, actions, and behaviors inspired by its shareholders’ traditional values.