LaSalle buys fifth D.C. hotel

10-Mar-12 – A hotel one block from historic Dupont Circle and “Embassy Row” in Washington, D.C. has joined the family of hotels that includes Marina City’s Hotel Sax.

LaSalle Hotel Properties announced on Friday it has purchased the 335-room Hotel Palomar in D.C. for $143.8 million. To pay for the hotel, LaSalle sold $46.6 million in stock and borrowed the rest.

According to LaSalle, Hotel Palomar is located within walking distance of numerous offices, George Washington University, Georgetown University, and high-end shopping and dining in the Georgetown neighborhood.

“We are very familiar with the excellent location of this asset through our ownership of several other hotels in the neighborhood,” said Michael Barnello, president and CEO, in a news release. “The hotel is in great physical condition and offers several attractive amenities.”

This is LaSalle’s fifth hotel in Washington, D.C and 38th overall. It will continue to be managed by Kimpton Hotel and Restaurant Group, which also manages Hotel Sax and eight other LaSalle properties.