LaSalle Hotel Properties (NYSE:LHO) today announced that it acquired Hotel Vitale in San Francisco, CA for $130.0 million. The Company funded the acquisition with borrowings from its Senior Unsecured Credit Facility.
Americano Restaurant & Bar, the hotel’s signature dining outlet, features a modern design and is comprised of a cocktail lounge, indoor dining area with 180 degree panoramic views, 18-seat private dining room and 3,000 square foot outdoor patio overlooking the Embarcadero and San Francisco Bay. The property offers 11,300 square feet of meeting and event space, including several outdoor spaces.The hotel was purchased subject to a ground lease with the City & County of San Francisco, Municipal Transportation Agency, which expires on March 8, 2070. Hotel Vitale is managed by Commune Hotels and Resorts, which also manages the Company’s Gild Hall hotel in New York. LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 46 hotels. The properties are upscale, full-service hotels, totaling approximately 11,600 guest rooms in 14 markets in 10 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale, full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Commune Hotels and Resorts, Davidson Hotel Company, Denihan Hospitality Group, the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels & Resorts, JRK Hotel Group, Inc., Viceroy Hotel Group, Highgate Hotels and Access Hotels & Resorts. For additional information or to receive press releases via e-mail, please visit our website at www.lasallehotels.com