Serving the Loop and Near North neighborhoods of downtown Chicago
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LaSalle sells Rhode Island hotel for tidy profit
12-Sep-14 – The real estate investment trust that owns Hotel Chicago at Marina City will make about $50 million on a deal in Rhode Island. LaSalle Hotel Properties has signed a contract to sell Hotel Viking (above) in Newport, Rhode Island, for $77 million. LaSalle bought the hotel in June 1999 for $27 million. The company, based in Bethesda, Maryland, made the announcement on Wednesday. “Hotel Viking was an excellent long term investment for us,” said LaSalle president and CEO Michael Barnello. When the transaction closes, LaSalle will own 44 hotels, including Hotel Chicago and The Westin Michigan Avenue in River North.
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