in Chicago, Illinois for $215.0 million
Md., Jan 30, 2006 - LaSalle Hotel Properties (NYSE:LHO) today announced
it has signed an agreement to acquire the Westin Michigan Avenue in Chicago,
Illinois for $215.0 million.
The AAA Four Diamond, upper-upscale full-service hotel is located in the heart of the Chicago's Magnificent Mile neighborhood, the city's premier shopping and residential district. The 751 guestroom hotel includes underground parking, 3 retail stores and a full-service restaurant. The hotel also offers 37,700 square feet of meeting space, a gift shop and a WestinWORKOUT(R) fitness center. The property will continue to be managed by Starwood Hotels & Resorts Worldwide, Inc.
The transaction is subject to customary closing conditions and requirements. The Company has not completed its diligence review and can make no assurance that the transaction will close. Assuming the Company's due diligence review is completed without issue, the closing would be expected to occur during the first quarter of 2006.
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:||Joe McCann of Optimum Hotel Brokerage Brokers Sale of Chicago’s Legendary Palmer House Hilton, Represents Thor Properties in $230 Million Transaction / August 2005|
|At $210,000 per Room, The Sale of Controlling Interest in the InterContinental Chicago Makes It One of the Richest Chicago Hotel Deals / February 2005|
|Magnificent Mile Hotel on the Market - Westin Michigan Avenue Chicago / Feb 2001|