LaSalle Hotel Properties Acquires the Hotel Solamar in San Diego, California
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LaSalle Hotel Properties Acquires the Hotel Solamar in San Diego, California
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-08-02
LaSalle Hotel Properties (NYSE:LHO) today announced it has acquired the Hotel Solamar in San Diego, California, for $87.0 million. The 235-room, newly built, independent full-service hotel is located in the heart of downtown San Diego's Gaslamp Quarter Historic District. The hotel sits on the corner of Sixth Avenue and J Street, two blocks from Petco Park and three blocks from the San Diego Convention Center. The hotel is also surrounded by the city's trendiest shopping, theaters, art galleries and over 75 restaurants and night clubs. Hotel Solamar is operated by Kimpton Hotel & Restaurant Group, LLC.
The hotel's unique sun and sea design creates an experience that attracts demand from all market segments. The hotel includes a full-service restaurant featuring Coastal California cuisine for breakfast, lunch and dinner and a popular rooftop oasis serving cocktails and light cuisine with 225 seats, a large pool, cabanas and views overlooking downtown San Diego. The Hotel Solamar opened in April 2005 and contains a fitness center, business center, in-room spa services, parking facility, 8,800 square feet of meeting space and an additional 2,000 square feet of unfinished street-front space available for retail or additional meeting space. The hotel is subject to a long-term ground lease.
"We are excited to further our presence in the emergent Gaslamp Quarter with the acquisition of this newly built high-style hotel," remarked Jon Bortz, Chairman and Chief Executive Officer of LaSalle Hotel Properties. "San Diego is one of the most attractive leisure and convention destinations and one of the highest occupancy markets in the United States. The Hotel Solamar is in an irreplaceable location in the heart of the fastest growing area of downtown San Diego, and it's just two blocks from our stylish Hilton Gaslamp Quarter Hotel."
Hotel Solamar will continue to be managed by Kimpton Hotel & Restaurant Group, LLC, which manages seven other hotels for LaSalle Hotel Properties located in Washington, D.C., Boston, MA and Seattle, WA. Kimpton operates upscale and luxury boutique/lifestyle hotels in the U.S. and Canada, and has had a strong relationship with the Company since 2001.
"We are delighted to expand our long-standing relationship with Kimpton and are eager to work with them to bring this fabulous new hotel to its full potential," continued Mr. Bortz.
"It is clear that Kimpton and LaSalle have a winning combination with a profitable track record, and we are excited to extend our partnership into the state of California," said Kimpton CEO and President Mike Depatie. "Being chosen by LaSalle Properties to manage an eighth hotel is yet another vote of confidence for Kimpton - for our expertise, the heartfelt care we provide our guests at every touch point, and for our unique culture that gives Kimpton-managed hotels a distinct competitive advantage."
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