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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

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

Two recent cases address the issue of hotel liability when personnel assist police who have an issue with a guest—here's the lesson for hotels.

This week's employment roundup features 11 hirings and promotions.

This roundup features details on 15 new properties operating in the United States.