in Chicago, Illinois for $114.5 Million
|BETHESDA, Md., Feb 22, 2006 - LaSalle Hotel Properties (NYSE:LHO) today
announced it has signed an agreement to acquire the House of Blues Hotel
in Chicago, Illinois and adjacent Marina City retail and parking facilities
for $114.5 million.
The AAA Four Diamond, full-service hotel is located at 329 N. Dearborn, along the Chicago River, in the River North area, and is part of the Marina City mixed-use development. The 367-room hotel includes 34 suites and 333 guestrooms uniquely decorated with a mix of Gothic, Moroccan and East Indian influences using rich vibrant colors, patterns and finishes. Hotel guests can enjoy VIP access to the adjacent House of Blues music hall and restaurant.
The acquisition includes over 115,000 square feet of retail and restaurant space at Marina City and 896 parking spaces encompassing the first 17 floors of the two adjacent Marina City residential towers. Major retail tenants include Smith & Wollensky Steakhouse, Crunch Gym, BIN 36 Restaurant, 10Pin Bowling Lounge and Bank One.
The transaction is expected to close in the first quarter; however, it is subject to customary closing conditions and requirements. The Company makes no assurances that the property acquisition will close.
LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, owning interests in 27 upscale and luxury full-service hotels, totaling approximately 8,500 guest rooms in 15 markets in 11 states and the District of Columbia. The Company focuses on investing in upscale and luxury full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier hotel operating companies, including Westin Hotels and Resorts, Sheraton Hotels & Resorts Worldwide, Inc., Crestline Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Hilton Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Sandcastle Resorts & Hotels, Davidson Hotel Company, and the Kimpton Hotel & Restaurant Group, LLC.
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 Acquiring the 751 room Westin Michigan Avenue in Chicago, Illinois for $215.0 million / January 2006|
|Chicago's 367 Room - House Of Blues Hotel, Sets Opening Date on October 1, 1998 / Aug 1998|
|Loews Hotels Signs Letter of Intent to Manage the House of Blues Hotel in Chicago / Feb 1998|