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LaSalle Hotel Properties
LHO today announced the acquisition of Hotel
Palomar, Washington, DC for $143.8 million in an off-market transaction. The
335-room urban, full service hotel is located near Dupont Circle at 2121 P
Street, NW. As disclosed in its fourth quarter 2011 earnings release, the
Company sold common shares through its ATM program during January and
February, 2012, resulting in proceeds of $46.6 million. The purchase of Hotel
Palomar, Washington, DC was funded with the $46.6 million in proceeds from the
ATM program and borrowings from the Company's senior unsecured credit
facility.
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