LaSalle Hotel Properties (NYSE: LHO) today announced that it acquired the Harbor Court Hotel and Hotel Triton, both located in San Francisco, CA for $47.8 million. The Company funded the transaction with borrowings from its Senior Unsecured Credit Facility.
Harbor Court Lobby (Photo: LaSalle Hotel Properties)
Harbor Court Hotel
The 131-room, Harbor Court Hotel is located at 165 Steuart Street in San Francisco’s financial district on the Embarcadero and offers stunning views of the San Francisco Bay. The hotel is proximate to many downtown attractions including the Ferry Building, Embarcadero Center, AT&T Park and the Moscone Convention Center. The property’s location and access to popular restaurants, shops and entertainment venues make it an attractive destination for both leisure and business travelers. Originally built in 1926, the building was extensively renovated and converted in 1991 to the Harbor Court Hotel.
The Harbor Court Hotel houses the 230-seat, upscale, contemporary Japanese Restaurant “Ozumo,” which is leased to a third-party restaurateur and open for lunch and dinner. Ozumo was created in May 2001 and has been very successful since opening.“We are very excited to have acquired these two well-located assets in one of the strongest markets in the United States,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “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.” Hotel Triton Hotel Triton is a 140-room hotel located at 342 Grant Avenue in the Union Square neighborhood of San Francisco. The hotel is close to the Financial District, less than a mile away from Moscone Convention Center and sits at the gateway to Chinatown. The building was originally constructed in 1912 and was converted to a hotel in 1991. In 2012, the property completed a guestroom renovation.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV