LaSalle Hotel Properties Acquires The Graciela Burbank, California
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LaSalle Hotel Properties Acquires The Graciela Burbank, California
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2006-12-20
LaSalle Hotel Properties (NYSE:LHO) today announced it has acquired The Graciela Burbank for approximately $36.5 million. The 99-room, independent, luxury full-service hotel is located at 322 North Pass Avenue in the heart of the Media District in downtown Burbank, California. The hotel opened in 2002 and is located across the street from Warner Brothers Studio Ranch and in close proximity to Universal Studios, Disney Studios, NBC and ABC. Included in the purchase price is a 7,270 square foot adjacent parcel of land.
The four-story hotel features 99 European-style guestrooms, including 15 suites. Approximately 64 rooms feature kitchen facilities and 11 of the suites feature separate living areas with plasma TV's, kitchens and small dining rooms. The hotel offers two dining outlets: a 44-seat Library Lounge serving dinner and offering an extensive wine and drink list as well as the 50-seat Garden Room that serves breakfast. The Graciela Burbank contains 1,400 square feet of indoor meeting space and 840 square feet of rooftop function space. The hotel has a 107-space underground parking garage, 24-hour business center, fitness center and massage room.
"We are excited about the acquisition of The Graciela Burbank and the opportunity to further participate in the very strong west Los Angeles market," said Jon Bortz, Chairman and Chief Executive Officer of LaSalle Hotel Properties. "Burbank has the highest concentration of media companies in the United States and is an attractive market for both business and leisure travelers."
The Graciela Burbank will be managed by Outrigger Lodging Services, which manages LaSalle Hotel Properties' three West Hollywood hotels -- Le Montrose Suite Hotel, Grafton on Sunset and Le Parc Suite Hotel. Outrigger Lodging Services, located in Encino, California, owns and operates hotels throughout the United States.
John Fitts, President and CEO of Outrigger Lodging Services commented, "The Graciela Burbank is an outstanding facility and we are delighted to become involved in guiding the operations."
LaSalle Hotel Properties is a leading multi-operator real estate investment trust, owning 32 upscale and luxury full-service hotels, totaling approximately 9,000 guest rooms in 15 markets in 11 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale and luxury 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, Sheraton Hotels & Resorts Worldwide, Inc., Hilton Hotels Corporation, Crestline Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Gemstone Resorts International, LLC, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, and the Kimpton Hotel & Restaurant Group, LLC.
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