LHO Buys Liberty Hotel???s Major Stake - Analyst Blog

LaSalle Hotel Properties ( LHO ), 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.

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 space.

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 business district.

Moreover, in its vicinity are a number of leading educational institutions such as the Harvard University, Massachusetts Institute of Technology, Northeastern University and Boston University.

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. ( HST ), one of LaSalle's competitors.

HOST HOTEL&RSRT (HST): Free Stock Analysis Report

LASALLE HTL PRP (LHO): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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