Washington, DC (March 9, 2012) – LaSalle Hotel Properties today announced the acquisition of Hotel Palomar, Washington, D.C. for $143.8 million in an off-market transaction. The 335-room urban, full service hotel is located one block from Dupont Circle and Embassy Row. As disclosed in its fourth quarter 2011 earnings release, the company sold common shares through its ATM program during January and February 2012, resulting in proceeds of $46.6 million. The purchase of Hotel Palomar, Washington, D.C. was funded with the $46.6 million in proceeds from the ATM program and borrowings from the company’s senior unsecured credit facility.
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The property will continue to be managed by the Kimpton Hotel and Restaurant Group LLC.
The hotel features 335 guestrooms with an average size of 436 square feet. The guestrooms include 26 suites, which average more than 600 square feet. The property’s flexible meeting and function space totals 11,000 square feet. The hotel’s restaurant, Urbana Restaurant and Wine Bar, seats 173 and the adjoining Chef’s Table is a private dining space for up to 12 guests. Additionally, the hotel offers a heated outdoor pool and sundeck, a 24-hour fitness center and a business center.