LaSalle Acquires the Sofitel Washington, DC Lafayette Square
March 2, 2010 - LaSalle Hotel Properties (NYSE:LHO) announced it has acquired the Sofitel Washington, DC Lafayette Square for $95.0 million. The 237-room city-center hotel opened in 2002 and is located at the corner of 15th and H Streets in the heart of the central business district of downtown Washington, DC, two blocks from the White House.
"We are excited about the acquisition of the Sofitel and the opportunity to further invest in Washington, DC," said Michael Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. "Washington, DC continues to be one of the strongest markets in the US and the location and quality of this asset are among the best in the city."
The property, which is managed by Sofitel (Accor SA), features 17 suites, the 70-seat iCi Urban Bistro, the 60-seat LeBar lounge and all guestrooms have four fixture bathrooms. The Sofitel, with approximately 5,500 square feet of meeting and function space, is located one block from the U.S. Treasury, two blocks from the White House and within walking distance of numerous national monuments and the Smithsonian.
"We are pleased to enter into a new relationship with Accor and its Sofitel brand," said Mr. Barnello. "We look forward to working with them and potentially expanding our relationship in the future."
"Accor is delighted to work with LaSalle Hotel Properties," said Gilles C. Pelisson, Chairman and Chief Executive Officer of Accor. "We are very proud to operate the Sofitel Washington, DC Lafayette Square and look forward to continued success with this property."
LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 32 upscale full-service hotels, totaling over 8,700 guest rooms in 14 markets in 11 states and the District of Columbia.
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