LaSalle Hotel Properties buys San Francisco Westin for $350M

LaSalle Hotel Properties acquired The Westin Market Street in San Francisco for $350 million, renaming it the Park Central San Francisco.

LaSalle paid for the acquisition with cash on hand and borrowings from its senior unsecured credit facility. It is LaSalle's seventh hotel property in the San Francisco market, which now accounts for 17 percent of one measure of earnings.

Highgate Hotels will continue managing the hotel as an independent property. Highgate also manages LaSalle's Park Central and WestHouse in Manhattan and Southernmost Hotel Collection in Key West, Fla.

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The Park Central San Francisco, built in 1984, includes 681 rooms. It underwent a $28.3 million renovation in 2007. LaSalle says it will begin new renovations in the fourth quarter of 2016.