In recent months a lot has been written and said about the strength of the US hotel market and the recovery thereof. LaSalle Hotel Properties has just put an incredible amount of faith in the recovery. Forty eight million dollars' worth of faith to be precise. The US based REIT has just purchased two hotel properties in San Francisco for USD 47.8 million.
Located in San Francisco's financial district the Harbor Court Hotel was built in 1926 before being renovated and converted into a 131 room hotel in 1991. Last year the property completed a guest room renovation.
The Hotel Triton is very similar in that it was also built in the early 1900s before being converted into a hotel later, and also recently had a guest-room renovation. It is also located close to the financial district and has 140-rooms.
The massive purchase was funded by borrowings from the REIT's Senior Unsecured Credit Facility. Both hotels will continue to be operated by Kimpton Hotels and Restaurants. The hotels are subject to building leases, both expiring in approximately 34 years.
- Monday 05 August 2013