Market Overview

LaSalle Hotel Buys Majority Interest in Liberty Hotel in Boston

Related LHO
Top 4 Mid-Cap Stocks In The REIT-Hotel/Motel Industry With The Highest ROE
UPDATE: MLV Downgrades LaSalle Hotel Properties

LaSalle Hotel Properties (NYSE: LHO) today announced that it acquired a majority interest in The Liberty Hotel in Boston, Massachusetts through a joint venture with the original developer and co-owner, an entity controlled by Dick Friedman of Carpenter & Company, Inc. The total value of the transaction was $170.0 million. The Company funded this transaction with proceeds from its sale of common shares on December 19, 2012.

The 298-room full service, luxury hotel is located at 215 Charles Street in the Beacon Hill neighborhood of Boston. The hotel is surrounded by over 36 million square feet of Class A office space and is adjacent and connected to Massachusetts General Hospital, one of the world's premier medical complexes. Additionally, The Liberty Hotel is conveniently located within a mile of the Boston central business district and within a few miles of Harvard University, Massachusetts Institute of Technology, Northeastern University and Boston University. The hotel's location also offers numerous shopping, dining and entertainment options.

Posted-In: News M&A

 

Related Articles (LHO)

Around the Web, We're Loving...

Get Benzinga's Newsletters