March 9 (Bloomberg) -- LaSalle Hotel Properties, a real estate investment trust that focuses on upscale lodging, said it bought the Hotel Palomar in Washington for $143.8 million.
The 335-room property near Dupont Circle will continue to be managed by Kimpton Hotel and Restaurant Group LLC, LaSalle said in a statement. The seller, a Kimpton-sponsored discretionary fund, invested $38 million in renovations to the 50-year-old hotel in 2006, according to the statement.
LaSalle owns 38 hotels with more than 10,000 rooms in nine states and the District of Columbia. It focuses on owning, redeveloping and repositioning properties in urban, resort and convention markets.
“We are very familiar with the excellent location of this asset through our ownership of several other hotels in the neighborhood,” LaSalle Chief Executive Officer Michael Barnello said in the statement. “The hotel is in great physical condition and offers several attractive amenities.”
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