LaSalle Hotel Properties (NYSE:LHO) today announced that it acquired a majority interest in The Liberty Hotel in Boston, Massachusetts through a joint venture with the original developer and co-owner, an entity controlled by Dick Friedman of Carpenter & Company, Inc. The total value of the transaction was $170.0 million. The Company funded this transaction with proceeds from its sale of common shares on December 19, 2012.
Liberty Hotel (Photo: LaSalle Hotel Properties)
The 298-room full service, luxury hotel is located at 215 Charles Street in the Beacon Hill neighborhood of Boston. The hotel is surrounded by over 36 million square feet of Class A office space and is adjacent and connected to Massachusetts General Hospital, one of the world’s premier medical complexes. Additionally, The Liberty Hotel is conveniently located within a mile of the Boston central business district and within a few miles of Harvard University, Massachusetts Institute of Technology, Northeastern University and Boston University. The hotel’s location also offers numerous shopping, dining and entertainment options.
“We are very excited about our investment in The Liberty Hotel,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “Boston is an important strategic market for us and we are delighted to be the majority owner of this hotel, as well as become a long term partner with Dick Friedman. The property was redeveloped as a hotel in 2007, and further investments have been made since then to keep the hotel in excellent condition. We are confident that we have the ownership and management team in place to continue to grow the quality and reputation of the Liberty.”
Richard Friedman said, “We are delighted to have LaSalle join us in the hotel’s ownership. They are a well capitalized public company with a long term perspective and a great track record.”