LaSalle Acquires Two San Francisco Properties
Friday August 2nd, 2013 - 10:58AM E
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BETHESDA, MD—LaSalle Hotel Properties has acquired the Harbor Court Hotel and Hotel Triton in San Francisco, CA, for a total purchase price of $47.8 million.
The 131-room Harbor Court Hotel features the 230-seat Ozumo Japanese restaurant. It was originally built in 1926, and it was renovated and converted into the Harbor Court Hotel I 1991.
The 140-room Hotel Triton was built in 1912 and converted to a hotel in 1991. Just last year, the property completed a renovation of its guestrooms.
Michael D. Barnello, president and CEO, LaSalle Hotel Properties, said in a statement, “We are very excited to have acquired these two well-located assets in one of the strongest markets in the United States. After exceeding cyclical prior peak demand in 2011, the market continues to grow. We are equally encouraged by the very limited supply growth slated for the next several years.”
The transaction was funded with borrowings from LaSalle’s Senior Unsecured Credit Facility. Both properties will continue to be operated by Kimpton Hotels and Restaurants.
Tags: • 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.