Lorien Hotel & Spa Acquired for $45M
Monday October 28th, 2013 - 12:17PM EHO
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OAK BROOK, IL—Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc., has acquired the 107-room luxury boutique Lorien Hotel & Spa in Alexandria, VA, for a purchase price of approximately $45 million.
Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc., said in a statement, “With its superior positioning in this high barrier-to-entry market, this asset provides the opportunity to achieve premium RevPAR growth.”
The Lorien Hotel & Spa is located along King Street in historic Old Town Alexandria, near more than 100 restaurants and 2.2 million sq. ft. of retail space. Constructed in 2009, the hotel was designed by Vicente Wolf and offers 107 guestrooms, 6,500 sq. ft. of flexible meeting space, a full-service spa and fitness center, as well as three culinary venues created by DC chef, Robert Wiedmaier.
Kimpton Hotels & Restaurants will continue managing the property.
The Lorien Hotel & Spa represents the tenth hotel acquired by Inland American this year.
Tags: Inland American Lodging Group • Kimpton Hotels Restaurants • Lorien Hotel Spa • Alexandria VA • Washington DC metro area • Hospitality • Acquisitions • Ownership • Management Companies •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.