LaSalle Hotel Properties Acquires Hotel Collection for $184.5M
Wednesday August 28th, 2013 - 11:07AM EAS
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KEY WEST, FL--LaSalle Hotel Properties acquired the 260-room Southernmost Hotel Collection located here for $184.5 million. The Southernmost Hotel Collection consists of the Southernmost on the Beach, Southernmost Hotel in the USA and La Mer Hotel & Dewey House.
The company funded the transaction with borrowings from its Senior Unsecured Credit Facility. Highgate Hotels will operate the Southernmost Hotel Collection.
The property is situated directly on the Atlantic Ocean in Key West. The hotel is located on the southern end of Duval Street, which runs through the city’s “Old Town.”
The hotel features 3,128 sq. ft. of meeting space, including 2,488 sq. ft. of outdoor space. The restaurant, Southernmost Beach Café, which is located on the beach overlooking the Atlantic Ocean, serves breakfast, lunch and dinner and provides catering for private events.
The hotel also has three bars located throughout the property. The Shores Bar and Sand Bar are located at Southernmost on the Beach, while the Pineapple Bar is located at Southernmost Hotel in the USA. The property also offers three pools, a tanning pier, a private oceanfront beach and access to the public beach, South Beach. The Southernmost Hotel Collection includes La Petit Spa and a fitness center in addition to offering resort recreation and activities.
Tags: • Hospitality • Amenities • Acquisitions • Sources of Funding •
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.