ATLANTA—Even as rumors swirl that Blackstone is in talks for a $2.5 billion sale of Boston office properties, the firm has just snapped up a portfolio of 15 select service hotels along the country's east and west coasts. Financial terms of the deal were not disclosed.

JLL managing directors Mark Fair and Al Calhoun, along with senior vice president Samantha Fisher represented the seller, OTO Development. The portfolio includes 1,856 keys across 15 hotels located in Alabama, California, Connecticut, Florida, Pennsylvania, and metropolitan Washington D.C.

“This portfolio is recognized as one of the highest quality select service portfolios on the market and received a great deal of interest from numerous investors,” says Fair. “The assets were aggressively pursued, showcasing the appetite investors have for select service portfolios with scale for institutional capital. The portfolio features diverse geographic locations, including seven properties in high barrier to entry markets in Southern California.”

From top-performing submarkets to urban centers with high barriers to entry, JLL reports investors are keen on select service hotel properties—especially when this variety comes in the form of a portfolio. Select Service hotel trades increased 145% during the first eight months of 2013 and this momentum has continued into 2014, according to JLL's research.

The hotels in the portfolio include: Hampton Inn & Suites Thousand Oaks in Thousand Oaks, CA; Hyatt Place Los Angeles' Residence Inn Camarillo in Camarillo, CA; SpringHill Suites Irvine John Wayne Airport Irvine/Orange County in Irvine, CA; Residence Inn San Diego North /San Marcos in San Marcos, CA; Homewood Suites in Fresno, CA; SpringHill Suites Fresno in Fresno, CA; Residence Inn Birmingham Hoover in Birmingham; SpringHill Suites Birmingham Colonnade in Birmingham; Residence Inn Gainesville I-75 in Gainesville, FL; Hampton Inn & Suites Mt. Vernon/Belvoir-Alexandria South Area in Alexandria, VA; SpringHill Suites Columbia in Columbia, MD; Hampton Inn & Suites Manchester in Manchester, CT; SpringHill Suites Erie in Erie, PA; and Hampton Inn & Suites National Harbor / Alexandria Area in Oxon Hill, MD.

All hotels carry from Hilton, Hyatt, or Marriott branding. The hotels are less than five years old, on average, and many feature amenities including sundry shops, fitness centers, outdoor patios, and business centers.