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LaSalle Hotel Properties acquires USD 184.5m Florida portfolio

Maryland USA-based lodging REIT LaSalle Hotel Properties (NYSE: LHO) said it has acquired the 260-room Southernmost Hotel Collection in Key West Florida. The purchase price was USD 184.5m.

According to LaSalle, the Southernmost Hotel Collection consists of the Southernmost on the Beach, Southernmost Hotel in the USA and La Mer Hotel & Dewey House.

LaSalle said it funded the transaction with borrowings from its Senior Unsecured Credit Facility.

The property is situated directly on the Atlantic Ocean in Key West, Florida. The hotel is located on the southern end of Duval Street, which runs through Key West´s “Old Town” and is home to many of its bars, restaurants, shops, bed and breakfasts and historic sites.

LaSalle said that the hotel features 3,128 square feet of meeting space, including 2,488 square feet of outdoor space. The firm added that USD 13.8m has been invested in renovations over the last three years.

The Southernmost Hotel Collection will be operated by Highgate Hotels.

LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The company owns 44 hotels and a mezzanine loan secured by two hotels in Santa Monica, CA. The properties are upscale full-service hotels, totaling approximately 11,400 guest rooms in 14 markets in ten states and the District of Columbia.

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