Copley Place, Boston for Approximately $318 million
Md. - Aug. 31, 2005 -- LaSalle Hotel Properties (NYSE:LHO) today announced
it has acquired The Westin Copley Place for approximately $318 million
excluding expenses. The all-in investment amount, including expenses, is
approximately $324 million. The Westin Copley Place is an urban, luxury
full-service hotel with 803 well-appointed guestrooms. The hotel is located
in the Back Bay area of downtown Boston, just minutes from Logan International
Airport. The hotel will continue to be managed by Starwood Hotels &
Resorts Worldwide, Inc. (NYSE:HOT), which also manages the Company s Westin
City Center Hotel in Dallas, Texas and Sheraton Bloomington Minneapolis
South Hotel in Bloomington, Minnesota.
The AAA Four Diamond hotel has guestrooms that feature Westin s signature
Heavenly Bed® and Heavenly Bath® and sweeping views of the city.
The hotel offers high speed Internet access in all rooms, WestinWORKOUT®
Powered by Reebok Gym, an indoor heated pool, spa and salon services. The
hotel features more than 47,000 square feet of meeting and function space,
including two major ballrooms. The hotel also includes five restaurants:
Turner Fisheries Restaurant, The Palm Restaurant, The Huntington, Osushi
and Bar 10, which was voted Best Hotel Bar by Boston Magazine.
The hotel is connected, via temperature-controlled skywalks, to the Hynes
Convention Center and Copley Place, with over 100 retail shops and restaurants.
The hotel is also in close proximity to historic Fenway Park, home of the
Boston Red Sox.
In connection with the acquisition, the Company assumed the $210 million first mortgage on the property, issued to one of the prior owners approximately $58.7 million in preferred units in the Company s operating partnership with a coupon rate of 7.25% and paid the balance with proceeds from the Company s August 24th sale of preferred shares with a coupon rate of 7.50%. The $210 million mortgage has a maturity date of August 31, 2015 with an interest rate of 5.28% and is interest only until maturity. A portion of the proceeds was used to defease an existing mortgage. The Westin Copley Place sits on land leased from the Massachusetts Turnpike Authority, with the lease being prepaid through 2077.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties.
LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, owning interests in 23 upscale and luxury full-service hotels, totaling approximately 7,600 guest rooms in 14 markets in 10 states and the District of Columbia.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
LaSalle Hotel Properties
|Also See:||LaSalle Hotel Properties Plans to Acquire the 803 room Westin Copley Place in Boston, Massachusetts for Approximately $318 million / August 2005|
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