LaSalle Hotel Properties (NYSE: LHO) yesterday announced it has sold Hotel Deca in Seattle, Washington for $55.0 million to an affiliate of AJ Capital Partners. The Company acquired the hotel in December 2005 for $26.4 million.
LaSalle Hotel Properties (NYSE: LHO) yesterday announced it has sold Hotel Deca in Seattle, Washington for $55.0 million to an affiliate of AJ Capital Partners. The Company acquired the hotel in December 2005 for $26.4 million.
"Hotel Deca was an excellent long term investment for us, generating an unleveraged IRR of 12.3 percent and an average cash-on-cash yield of 8.8 percent over 11 years," said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties.
Proceeds from the asset sale will be used for general corporate purposes. The Company will not execute a 1031 exchange in conjunction with the sale of Hotel Deca.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 45 properties, which are upscale, full-service hotels, totaling approximately 11,300 guest rooms in 13 markets in nine states and the District of Columbia.