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LaSalle Acquires Washington’s Hotel Palomar for $143.8 Million

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.