LaSalle Hotel Properties Completes Sale of Hilton Alexandria Old Town
Wednesday June 18th, 2014 - 11:34AM E
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
ALEXANDRIA, VA—LaSalle Hotel Properties has closed on the sale of the Hilton Alexandria Old Town for $93.4 million. The company acquired the hotel in May 2004 for $59.0 million.
“The Hilton Alexandria Old Town was a wonderful long term investment for us,” said Michael D. Barnello, president and CEO of LaSalle Hotel Properties. “The asset delivered an unleveraged IRR of 13.5 percent over 10 plus years.”
Proceeds from the transaction will be used to reduce borrowings on the company’s senior unsecured credit facility and redeem the remaining $58.7 million of 7.25 percent Series G Preferred Shares. The Preferred Share redemption will close on July 3, 2014.
Tags: Hilton Alexandria Old Town • LaSalle Hotel Properties • Hospitality • Acquisitions •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.