LaSalle Hotel Properties Announces Sale of Sheraton Bloomington Hotel - Minneapolis (United States)
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LaSalle Hotel Properties Announces Sale of Sheraton Bloomington Hotel - Minneapolis (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-01-14
LaSalle Hotel Properties (NYSE: LHO) today announced the sale of the 564-room Sheraton Bloomington Hotel for $20.0 million. The proceeds of the sale will be used to reduce the outstanding balance on the Company’s senior unsecured credit facility.
LaSalle Hotel Properties received proceeds of $19.6 million after payment of transaction costs and fees. The property was under contract for sale during the fourth quarter of 2010 and as such, the Company anticipates that it will recognize an impairment loss related to the sale of $3.2 million in the fourth quarter of 2010.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 34 upscale full-service hotels, totaling over 8,500 guest rooms in 13 markets in 9 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, Denihan Hospitality Group, the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels & Resorts and JRK Hotel Group, Inc.
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