US-based LaSalle Hotel Properties has said in a press statement that Wednesday it acquired three US hotels for US $292.5 million and sold a resort property for $20 million.
In three separate transactions, LaSalle agreed to pay $68.5 million for Hotel Monaco San Francisco, $145 million for the Westin Philadelphia and $79 million for the Embassy Suites Philadelphia-Center City.
The company funded the acquisitions with about $75 million in net proceeds from a stock offering, cash from operations, funds from its senior unsecured credit facility and the sale of the Seaview Resort.
"We are excited to make our first investment in this top-tier, high barrier-to-entry market," said Michael Barnello, president and CEO of LaSalle Hotel Properties. "San Francisco is one of the strongest US hotel markets and is known for its robust and diverse economy with demand drivers coming from both the business and leisure segments."
LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 34 upscale full-service hotels, totaling over 9200 guest rooms in 15 markets in 11 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale full-service hotels located in urban, resort and convention markets.
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