LaSalle Hotel Properties Announces Sale of Chicago Joint Venture Property
LaSalle Hotel Properties (NYSE: LHO) today announced that Modern Magic Hotel, LLC, a joint venture in which the Company holds a 95.0% controlling interest, closed on the sale of the joint venture's portion of the building located at 330 N. Wabash Avenue in downtown Chicago, IL for $58.8 million.
The joint venture owned the second to thirteenth floors and a portion of the first floor of the existing 52-story building.
LaSalle Hotel Properties received proceeds, after payment of transaction costs, fees and minority partnership interest, of $51.6 million. The Company anticipates that it will recognize an impairment loss related to this sale of approximately $8.0 million in the fourth quarter of 2010.
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