LaSalle buys DC Palomar

LaSalle Hotel Properties, Bethesda, Maryland, announced on Friday that it bought the 335-room Hotel Palomar, Washington, DC for US$143.8 million in an off-market transaction.

The hotel will continue to be managed by Kimpton Hotel & Restaurant Group, San Francisco, California.

The building was originally constructed in 1962. In 2006, the seller (a Kimpton-sponsored discretionary equity fund) invested US$38 million in renovations and opened the hotel as the repositioned Hotel Palomar, Washington, DC. The hotel is located in downtown Washington, D.C., just one block from Dupont Circle and Embassy Row. The property is within walking distance of the West End and numerous offices near Farragut Square and Connecticut Avenue. Also within walking distance, are George Washington University, Georgetown University and the high-end shopping and dining offerings of the Georgetown neighborhood.

Lobby at Hotel Palomar, Washington, DC <br> </br>
Lobby at Hotel Palomar, Washington, DC

“We are very excited about the acquisition of Hotel Palomar, Washington, DC,” said Michael Barnello, president and CEO at LaSalle. “We are very familiar with the excellent location of this asset through our ownership of several other hotels in the neighborhood. The hotel is in great physical condition and offers several attractive amenities. With the acquisition of this hotel, Kimpton now manages 10 of our assets and we are excited to build upon this relationship.”

The REIT now owns 38 hotels across nine U.S. states and the District of Columbia.