02 Sep

Hotel | LaSalle Hotel Buys 3 More

Author: Jake  |  Category: Hotels / Resorts, Vacation

Bethesda, Maryland

LaSalle Hotel Properties said Wednesday that it acquired three U.S. hotels for $ 292,500,000 and sold a resort property for $ 20,000,000.

In separate transactions to pay the agreed LaSalle to $ 68,500,000 for the Hotel Monaco San Francisco, $ 145,000,000 for the Westin Philadelphia, and $ 79,000,000 for the Embassy Suites Philadelphia Center City.

The company financed the acquisition with approximately $ 75,000,000 in net proceeds from an initial public offering, cash generated from operations, funds from its senior unsecured credit facility and the sale of Seaview Resort.

LaSalle shares fell 5 cents to $ 21.02 in afternoon trading.

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