LaSalle acquires 35th hotel property

(Above) Poolside at Viceroy Santa Monica Hotel, acquired this week by LaSalle Hotel Properties, owner of Hotel Sax and other commercial property at Marina City.

17-Mar-11 – A hotel a block from the beach in Santa Monica, California, is the latest acquisition by the real estate investment trust that owns Marina City’s Hotel Sax.

LaSalle Hotel Properties announced on Thursday it has purchased for $80.1 million the “leasehold interest” in Viceroy Santa Monica Hotel, meaning it owns the right to use the property for a fixed time.

Viceroy has 162 rooms. It opened in 1967 as Pacific Shores Hotel and again in 2002 after a $20 million renovation. In 2009, it was named one of the “Top 100 Hotels” in the U.S. and Canada by Travel + Leisure magazine.

“This extraordinary asset,” said LaSalle’s president and CEO, Michael Barnello, in a news release, “features a premium location, top-notch accommodations, and it benefits from multiple demand generators.”

LaSalle now owns 35 upscale hotels. Viceroy Hotel Group will continue to manage the property. The City of Santa Monica owns the land on which the hotel is located.