LaSalle Hotel Properties acquires Hotel Roger Williams in New York City

NEW YORK CITY LaSalle Hotel Properties has acquired the leasehold interest in the 193-key Hotel Roger Williams, located in Midtown Manhattan, for US$94.5 million.

The purchase includes the assumption of a US$64 million loan secured by the hotel with a fixed annual interest rate of 6.31%. LaSalle funded the remainder of the purchase price with borrowings under its senior unsecured credit facility. The hotel will continue to be managed by JRK Hotel Group Inc.

“We are excited about the acquisition of Hotel Roger Williams and the opportunity to further invest in New York City,” says Michael D. Barnello, LaSalle’s president and CEO. “New York has demonstrated exceedingly strong growth thus far in the recovery, and we believe the outlook for this market is very favorable.”

The property features three-meal restaurant Lounge Roger Williams, and it offers 1,300 sq. ft. of meeting and function space, including a landscaped 800-sq.-ft. outdoor terrace. The building was originally constructed in the 1930s and was converted to a hotel in 1998. Hotel Roger Williams is subject to a master lease, which expires December 31, 2044.

Located four blocks from the Empire State Building, Hotel Roger Williams is within walking distance of Midtown businesses, shopping, 5-star dining and some of New York City’s preeminent tourist attractions. The hotel is also just three blocks from Broadway, less than a mile from Times Square and proximate to Soho and the Fashion District.