LaSalle Hotel Buys Majority Interest in Liberty Hotel in Boston
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.
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