{"id":1004098721,"date":"2014-06-19T07:00:37","date_gmt":"2014-06-19T15:00:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004098721"},"modified":"2025-02-24T23:57:25","modified_gmt":"2025-02-25T07:57:25","slug":"lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/","title":{"rendered":"LaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

<\/em>\u00a0LaSalle Hotel Properties has completed its $93.4 million sale of the Hilton Alexandria Old Town in Alexandria, Va., the firm announced Tuesday. LaSalle said earlier this month that the hotel was under contract. The Bethesda. Md.-based REIT acquired the asset in May 2004 for $59 million.<\/p>\n

The buyer was not identified, and LaSalle did not respond to Commercial Property Executive<\/i>\u2019s request for further information. Speculation in the business press has mentioned Walton Street Capital or Lodging Capital Partners L.L.C. as possible buyers.<\/p>\n

The Hilton Alexandria Old Town has 246 guest rooms, including 16 executive-and-better suites, and also features a restaurant and lounge and 7,600 square feet of flexible event space.\u00a0Its location at 1767 King St. is adjacent to the King Street\u2013Old Town station on the Washington Metro\u2019s Blue and Yellow lines.<\/p>\n

Substantial renovations at the hotel were completed in January. According to an SEC filing in late April, LaSalle completed $16.4 million worth of renovations at four of its hotels, among them the Hilton Alexandria Old Town, in the first quarter.<\/p>\n

\u201cThe Hilton Alexandria Old Town was a wonderful long-term investment for us,\u201d Michael Barnello, LaSalle’s president & CEO, said in a statement. \u201cThe asset delivered an unleveraged IRR of 13.5 percent over 10-plus years.\u201d<\/p>\n

LaSalle will use proceeds from the sale to reduce borrowings on its senior unsecured credit facility and redeem the remaining $58.7 million of 7.25 percent Series G Preferred Shares.<\/p>\n

LaSalle Hotel Properties currently owns 45 upscale, full-service hotels totaling about 11,300 guest rooms and representing numerous flags and brands.<\/p>\n

 <\/p>\n

\n","protected":false},"excerpt":{"rendered":"

The Bethesda-based REIT, which announced the sale earlier this month, acquired the 246-key hotel in 2004 for $59 million.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21751,21783,21742,1615],"tags":[],"class_list":["post-1004098721","post","type-post","status-publish","format-standard","hentry","category-finance","category-hotel","category-investment","category-latest","category-washington-dc"],"acf":[],"yoast_head":"\nLaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town\" \/>\n<meta property=\"og:description\" content=\"The Bethesda-based REIT, which announced the sale earlier this month, acquired the 246-key hotel in 2004 for $59 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-19T15:00:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-25T07:57:25+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/\",\"name\":\"LaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2014-06-19T15:00:37+00:00\",\"dateModified\":\"2025-02-25T07:57:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"LaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"LaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/","og_locale":"en_US","og_type":"article","og_title":"LaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town","og_description":"The Bethesda-based REIT, which announced the sale earlier this month, acquired the 246-key hotel in 2004 for $59 million.","og_url":"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2014-06-19T15:00:37+00:00","article_modified_time":"2025-02-25T07:57:25+00:00","author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/","url":"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/","name":"LaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2014-06-19T15:00:37+00:00","dateModified":"2025-02-25T07:57:25+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/lasalle-hotel-properties-wraps-93m-sale-of-hilton-alexandria-old-town\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"LaSalle Hotel Properties Wraps $93M Sale of Hilton Alexandria Old Town"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004098721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004098721"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004098721\/revisions"}],"predecessor-version":[{"id":1004612106,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004098721\/revisions\/1004612106"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004098721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004098721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004098721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}