LaSalle Drops $144M On Hotel Palomar

Law360, New York (March 9, 2012, 3:54 PM EST) -- LaSalle Hotel Properties has purchased the 335-room Hotel Palomar in Washington for $143.8 million from an equity fund affiliated with Kimpton Hotel and Restaurant Group LLC, the buyer said Friday.

Kimpton will continue to manage the hotel, located near Washington's Dumont Circle and Embassy Row neighborhoods, according to the announcement. The acquisition was funded with $46.6 million in proceeds from LaSalle's at-the-market stock sale program and borrowings from the company's senior unsecured credit facility, according to LaSalle.

“The hotel is in great physical condition and offers...
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