LaSalle REIT acquires Viceroy Santa Monica

SANTA MONICA, CALIFORNIA LaSalle Hotel Properties has acquired the leasehold interest in the 162-key Viceroy Santa Monica for US$80.1 million, or about US$494,000 per key, in an all-cash transaction.

The property, located a block from Santa Monica Beach, originally opened in 1967 as Pacific Shores Hotel and was rebranded in 2002 under the Viceroy Hotels and Resorts flag following a US$20.3 million renovation. Viceroy Hotel Group will continue to manage the property.

“We are very excited about the purchase of the Viceroy Santa Monica,” says LaSalle President and CEO Michael Barnello. “This extraordinary asset features a premium location, top-notch accommodations and it benefits from multiple demand-generators. Furthermore, we believe the hotel’s performance will benefit from the implementation of our asset management best-practices.”

The hotel features two food and beverage outlets. Whist offers seating for 176 and is recognized for its modern American cuisine and use of fresh local produce. Cameo Bar seats 86 and offers poolside service.