LaSalle Hotel Properties
), a real estate investment trust (REIT), has recently acquired a
120-room full service luxury resort titled L'Auberge Del Mar in
Del Mar, California. The property was purchased from an unnamed
seller for $76.9 million.
Set on 4.5 acres overlooking the picturesque Pacific Ocean, the
hotel is strategically placed in close proximity to several
leisure and business demand drivers of the region. These include
the Del Mar Beach, Torrey Pines Golf Course, the Del Mar
Racetrack & Fairgrounds, besides other upscale shopping and
dining hotspots. In addition, the hotel is also close to the
University of California, San Diego, which is one of the leading
research universities in the U.S.
Other notable tourist enticements for the hotel include the
strategic placement of the University Towne Center in the
vicinity. University Towne Center is one of the highest rent
office markets in San Diego with 3.4 million square feet of Class
A office space. The affluent region is dotted with several
business and research facilities, along with biotech, technology,
and pharmaceutical companies.
In addition to the locational advantage, the hotel offers
refreshing dining options, a cozy spa, a private path to the
beach, and a peaceful pool area that are all reminiscent of a
private coastal estate. The signature restaurant of the hotel,
KITCHEN 1540, blends energy and intrigue with a fresh and lively
atmosphere. The hotel also showcases six indoor meeting rooms and
six outdoor areas spanning 16,500 square feet of meeting and
LaSalle owns luxury and upper-upscale hotels in high
barriers-to-entry markets throughout the U.S. The company
specifically focuses on owning, redeveloping and repositioning
upscale full-service hotels in urban, resort and convention
markets. LaSalle currently owns 10,300 guest rooms in 13 markets
in 9 states in the U.S. and the District of Columbia.
We maintain our Neutral rating on the stock, which presently has
a Zacks #3 Rank that translates into a short-term Hold rating. We
also have a Neutral recommendation and a Zacks #3 Rank for
Host Hotels & Resorts Inc.
), one of the competitors of LaSalle.
HOST HOTEL&RSRT (HST): Free Stock Analysis
LASALLE HTL PRP (LHO): Free Stock Analysis
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