Dealmaker: LaSalle Hotel Properties Sells Two Properties for $205M

LaSalle Hotel Properties, Bethesda, Md., sold two hotel assets in Virginia and Washington for $204.6 million.

The real estate investment trust sold Lansdowne Resort in Leesburg, Va. for $133 million. LaSalle acquired the resort in June 2003 for $115.8 million.

JLL, Chicago, represented LaSalle Hotel Properties when it sold the 476-acre site overlooking the Potomac River to Dejia LLC, Hong Kong. Executive Vice Presidents Robert Webster and Tim Southard led the JLL team with Vice President John Harper.

“Investors are paying more attention to assets in the Washington, D.C. metro area due to improving market fundamentals,” Webster said.

The Lansdowne Resort includes five food and beverage outlets, 55,000 square feet of meeting space, 45 holes of golf, three tennis courts and a 12,000-square-foot spa 15 minutes from Dulles International Airport and 35 minutes from Washington, D.C.

LaSalle also sold Alexis Hotel in Seattle for $71.6 million. The REIT acquired the hotel in June 2006 for $38 million. The Puget Sound Business Journal reported Hospitality Properties Trust purchased the property.

LaSalle Hotel Properties also signed a contract to sell 140-room Hotel Triton in San Francisco’s Union Square neighborhood for $14.25 million. The company acquired the hotel in August 2013 for $10.9 million.

Built in 1912 the former office building converted to a hotel in 1991 and received a guestroom renovation in 2012. Jack Kerouac’s On The Road appears on guestroom wallpaper.

LaSalle Hotel Properties said it will use  asset sale proceeds to redeem $68.8 million outstanding in 7.5 percent Series H preferred shares and for general corporate purposes. The preferred share redemption will close this week.