LaSalle acquires DC Holiday Inn
LaSalle Hotel Properties has acquired the Holiday Inn Downtown in Washington, DC for $44.6 million.
The Holiday Inn Downtown is an urban, full-service hotel with 212 guestrooms. The hotel is located in the heart of the business district of downtown Washington, DC.
The Company anticipates investing over $21 million in a renovation and repositioning similar to those performed on the Company’s DC Urban Collection purchased in March 2001.
After completion of the renovation and repositioning in early 2007, the hotel will be operated as a luxury high-style, independent hotel. The Holiday Inn affiliation was ended in conjunction with the acquisition.
“The DC market continues to be one of the strongest markets in the nation due to government related travel, tourism and associations that generate year-round revenues,” remarked Jon Bortz, Chairman and Chief Executive Officer of LaSalle Hotel Properties.
“Upon completion of the renovation and repositioning program, the hotel will be a great addition to our DC Collection. The hotel is at the center of many demand generators and will benefit from being one of the premier luxury assets in Washington, DC.”
The full-service hotel features 28 king corner suites, rooftop pool, restaurant and bar, fitness center and below grade parking.
The hotel is located five blocks from the White House and in close proximity to the Washington Convention Center, MCI Center, Smithsonian Museums, Union Station and Reagan National Airport.