LaSalle Plunks Down $170M For Stake In Boston Hotel

Law360, New York (January 4, 2013, 2:21 PM EST) -- Maryland-based real estate investment trust LaSalle Hotel Properties has acquired a majority interest in Boston's iconic Liberty Hotel from Massachusetts developer Carpenter & Co. Inc. for $170 million, LaSalle announced Friday.

The hospitality-focused REIT said it had agreed to form a joint venture with Carpenter & Co., a real estate developer controlled by Richard Friedman, to own and operate the 298-room Liberty Hotel. The deal was funded from proceeds of LaSalle's mid-December stock sale, which netted roughly $218 million.

The exact split of the joint venture...
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