LaSalle Hotel Properties to sell the Hilton Alexandria Old Town for Approximately $93M

LaSalle Hotel Properties entered into a definitive contract to sell the Hilton Alexandria Old Town for approximately $93 million. At closing, proceeds from the transaction will be used to reduce borrowings on the Company’s Senior Unsecured Credit Facility.

LaSalle acquired the hotel in May, 2004 for $59 million. The Company expects the transaction to close during June 2014. The transaction is subject to customary closing conditions.

The Company has initiated the process to redeem its $58.7 million, 7.25 percent Series G Preferred Shares. Official notice of redemption will be given at a later time. The redemption is expected to close early July 2014.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

After the sale of Hilton Alexandria Old Town, the Company will own 45 hotels. The properties are upscale, full-service hotels, totaling approximately 11,300 guestrooms in 14 markets in 10 states and the District of Columbia. The

Suggested Articles

HVS Brokerage & Advisory, Milmark Hotel/Motel Investments and Marcus & Millichap arranged sales in Texas, Wisconsin and Florida.

The Reuben Brothers have acquired La Residence hotel in Kalafatis Bay, Mykonos, Greece, for an undisclosed fee.

PPHE told us that it was seeing a “strong pickup” in London after some caution in the fourth-quarter, as the UK capital continued trade strongly.