NEW YORK CITY LaSalle Hotel Properties has agreed to buy the 934-key Park Central Hotel in New York City for $405.5 million, or about US$434,000 per key.
The deal for the midtown Manhattan hotel is scheduled to close toward the end of the third quarter, the REIT says. LaSalle expects to pay for the acquisition with a combination of financing and US$216.6 million raised in an April stock sale. The identity of the seller was not disclosed.
LaSalle plans to renovate the 83-year-old hotel next year at a cost of about US$35 million, improving guestrooms and public areas.
LaSalle owns 35 upscale hotels in nine states and Washington, D.C.