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.