7 April 2014
LaSalle Hotel Properties (NYSE: LHO) said it has acquired Hotel Vitale in San Francisco, CA for USD130.0m.
The company funded the acquisition with borrowings from its senior unsecured credit facility. The purchase is subject to a ground lease with the city and county of San Francisco, Municipal Transportation Agency, which expires on March 8, 2070. Hotel Vitale is managed by Commune Hotels and Resorts, which also manages the company´s Gild Hall hotel in New York.
The 200-room hotel is located on the waterfront across from the historic Ferry Building Marketplace. Newly constructed in 2005, the hotel has been well maintained with USD6.5m in subsequent capital expenditures including restaurant upgrades and new guestroom furniture. Hotel Vitale´s 200 guestrooms average 375 square feet and include 8 suites.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The company owns 46 hotels. Its website is at www.lasallehotels.com