LaSalle Closes $400M Buy Of NYC's Park Central Hotel

Law360, New York (January 3, 2012, 4:01 PM EST) -- Real estate investment trust LaSalle Hotel Properties has completed its acquisition of The Park Central Hotel in New York from Highgate Holdings for nearly $400 million, a deal that was first announced in June, the company said Tuesday.

LaSalle paid $396.2 million, or about $424,000 per room, for the 934-room luxury hotel at 870 7th Ave. in midtown Manhattan, it said. The transaction was funded with cash on hand, borrowings from LaSalle's senior credit facility and an issuance of 296,300 ownership units in the company at...
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