LaSalle Hotel Properties
), a multi-operator real estate investment trust (REIT), has
recently purchased majority interest in The Liberty Hotel in
Boston, Massachusetts for a total of $170 million.
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LaSalle financed the deal with funds generated through the sale
of common shares made last month. The acquisition was made
through a joint venture with an entity controlled by Dick
Friedman of Carpenter & Company Inc.
This investment in The Liberty Hotel augurs well for the company
with Boston being a chief strategic market for LaSalle.
Advantageously located at 215 Charles Street in the Beacon Hill
area of Boston, this 298-room full service, luxury hotel is
encircled by more than 36 million square feet of Class A office
Originally constructed in 1851 as the Charles Street Jail and
then redeveloped as a hotel in 2007, this property is situated
beside and linked with the Massachusetts General Hospital. It is
also suitably situated within a mile of the Boston central
Moreover, in its vicinity are a number of leading educational
institutions such as the Harvard University, Massachusetts
Institute of Technology, Northeastern University and Boston
With such a locational advantage, the hotel provides several
shopping, dining and entertainment choices. It has 298 guestrooms
including 10 suites, with nine 800 square-foot suites and the
2,200 square-foot presidential suite. There are also five food
and beverage outlets.
Moreover, it has 8,415 square feet of flexible meeting and
function space comprising six indoor meeting rooms and a secluded
2,400 square-foot courtyard. Liberty will continue operating
under The Luxury Collection franchise. It is subject to a
leasehold interest in the land that expires in May, 2080.
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 10,600 guest rooms in 13 markets
in 9 states in the U.S. and the District of Columbia.
LaSalle 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 LaSalle's competitors.