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San Francisco Hotels
LaSalle Hotel Properties
REITs Senior Unsecured Credit Facility
Harbor Court Hotel
In recent months a lot has been written and said about the strength of the US hotel market and the recovery thereof. LaSalle Hotel Properties has just put an incredible amount of faith in the recovery. Forty eight million dollars' worth of faith to be precise. The US based REIT has just purchased two hotel properties in San Francisco for USD 47.8 million. Located in San Francisco's financial district the Harbor Court Hotel was built in 1926 before being renovated and converted into a 131 room hotel in 1991. Last year the property completed a guest room renovation.
The Hotel Triton is very similar in that it was also built in the early 1900s before being converted into a hotel later, and also recently had a guest-room renovation. It is also located close to the financial district and has 140-rooms.
The massive purchase was funded by borrowings from the REIT's Senior Unsecured Credit Facility. Both hotels will continue to be operated by Kimpton Hotels and Restaurants. The hotels are subject to building leases, both expiring in approximately 34 years.
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*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.