LaSalle Hotel Properties Acquires Viceroy Santa Monica (United States)
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LaSalle Hotel Properties Acquires Viceroy Santa Monica (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-03-18
LaSalle Hotel Properties (NYSE: LHO) today announced that it acquired the leasehold interest in the Viceroy Santa Monica for $80.1 million. The 162-room, urban, full service hotel is located at 1819 Ocean Avenue in Santa Monica, California.
The Viceroy Santa Monica, which is one block from Santa Monica Beach features views of the Pacific Ocean and is located proximate to many area businesses as well as leisure attractions, including beaches, Main Street shopping district and the Third Street Promenade. The property’s Santa Monica neighborhood offers upscale dining, premium shopping and vibrant nightlife.
“We are very excited about the purchase of the Viceroy Santa Monica,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “This extraordinary asset features a premium location, top-notch accommodations and it benefits from multiple demand generators. Furthermore, we believe the hotel’s performance will benefit from the implementation of our asset management best-practices.”
The hotel originally opened as the Pacific Shores Hotel in 1967 and re-opened in 2002 as the Viceroy Santa Monica following a $20.3 million renovation. In 2009, the Viceroy Santa Monica was named to the “Top 100 Hotels in the U.S. and Canada” list by Travel + Leisure. The property features 162 guestrooms, including 18 suites, which range in size from 470 to 905 square feet. The hotel’s guestrooms offer a sitting area with ocean, pool or palm view, oversized showers and wired and wireless internet service.
The hotel features two food and beverage outlets. Whist, the hotel restaurant, offers seating for 176 and was named one of America’s 50 best hotel restaurants by Food & Wine Magazine. Whist is recognized for its Modern American cuisine and use of fresh local produce and it features indoor and outdoor seating. Cameo Bar seats 86 and, in addition provides poolside service and is recognized as one of Santa Monica’s most vibrant lounges. The Viceroy Santa Monica features almost 2,000 square feet of meeting and function space including the 1,300 square foot Bristol Room, which accesses an adjacent 600 square foot outdoor patio. The property features two outdoor heated pools and the pool area is often used for private meetings and banquets. Additional amenities include a 24-hour fitness center, business center and concierge services.
Santa Monica is a premier corporate and leisure destination. A variety of companies hold offices in Santa Monica, including Apple, Microsoft, Symantec, Blackstone, Colony Capital, HBO, Universal Music, Sony BMG Music Entertainment and MTV, among many others. The city is well known for world-class shopping throughout the Third Street Promenade, Main Street, Montana Avenue, Santa Monica Place and Ocean Park. Santa Monica also includes attractions such as the Santa Monica Pier and the Main Street district with its art galleries, cafes and antique shops.
The Viceroy Santa Monica is subject to a ground lease with the City of Santa Monica, which expires on September 25, 2065. The property was purchased in an all-cash transaction and will continue to be managed by Viceroy Hotel Group. The Company expects to recognize total transaction expenses related to the hotel of approximately $0.5 million during the first quarter of 2011.
Viceroy Hotel Group delivers luxury lifestyle experiences that marry provocative design and intuitive service in sought-after locations. Managing hotels under third-party agreements, Viceroy Hotel Group operates two luxury brands, Viceroy Hotels & Resorts and The Tides. Current Viceroy properties include hotels and resorts in Santa Monica, Palm Springs, Miami, Anguilla and Snowmass, Colorado as well as forthcoming openings in Beverly Hills (currently L'Ermitage Beverly Hills), the Maldives and on Sowwah Island in Abu Dhabi. The Tides collection includes resorts in South Beach, the Riviera Maya and Zihuatanejo, Mexico as well as a forthcoming development on St. Lucia in the Caribbean, currently Jalousie Plantation. Viceroy Hotel Group's Urban Retreat Collection includes locations in Beverly Hills and Santa Monica.
About LaSalle Hotel Properties
LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 35 upscale full-service hotels, totaling over 8,700 guest rooms in 13 markets in 9 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, Denihan Hospitality Group, the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels & Resorts, JRK Hotel Group, Inc and Viceroy Hotel Group.
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