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in West Hollywood, California, for $47.0 million |
 BETHESDA,
Md. - Jan. 10, 2006 -- LaSalle Hotel Properties (NYSE:LHO) today announced
it has signed an agreement to acquire the Le Parc Suite Hotel in West Hollywood,
California, for $47.0 million. The independent upscale hotel features 154
spacious suites and is located at 733 North West Knoll Drive in a serene
and quiet neighborhood in the heart of West Hollywood, near Melrose Avenue
and La Cienega Boulevard, just minutes from Sunset and Santa Monica Boulevards.
The transaction is expected to close this month, subject to loan assumption
approval and other customary closing conditions and requirements. The Company
makes no assurances that the property acquisition will close.
The beautifully appointed guest suites range from 650 to 950 square feet and include private balconies, living area, dining area, kitchenette and fireplace. The hotel features a rooftop pool with cabanas, tennis court, whirlpool and spectacular views of the Hollywood Hills and downtown Los Angeles. The hotel's restaurant, Knoll at Le Parc, was recently renovated and serves award-winning American cuisine. Other amenities include a full service fitness facility and a business center. The Le Parc Suite Hotel will continue to be managed by Outrigger Lodging Services, which manages the Company's other West Hollywood locations, Le Montrose Suite Hotel and the Grafton on Sunset. The $47.0 million purchase price includes the Company's assumption of a $15.7 million loan secured by the hotel. LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, owning interests in 26 upscale and luxury full-service hotels, totaling approximately 8,300 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. |
| Contact:
LaSalle Hotel Properties
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