LaSalle Hotel Properties sold Hotel Deca, in Seattle, for $55.0 million to an affiliate of AJ Capital Partners. LaSalle acquired the 16-level hotel in December 2005 for $26.4 million.
“Hotel Deca was an excellent long term investment for us, generating an unleveraged IRR of 12.3 percent and an average cash-on-cash yield of 8.8 percent over 11 years,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties.
Proceeds from the asset sale will be used for general corporate purposes. The Company will not execute a 1031 exchange in conjunction with the sale of Hotel Deca.
Bethesda, Md.-based LaSalle Hotel Properties owns 45 upscale, full-service hotels, totaling approximately 11,300 guest rooms in 13 markets in nine states and the District of Columbia. LaSalle Hotel Properties partners with such lodging groups as Hilton Hotels, Marriott International, Outrigger Lodging Services, Highgate Hotels and Access Hotels & Resorts.
