BETHESDA, Md.—LaSalle Hotel Properties announced that it acquired a majority interest in The Liberty Hotel in Boston, Mass. through a joint venture with the original developer and co-owner, an entity controlled by Dick Friedman of Carpenter & Company Inc. The total value of the transaction was $170.0 million.
“We are very excited about our investment in The Liberty Hotel,” said Michael D. Barnello, President and chief executive officer of LaSalle Hotel Properties. “Boston is an important strategic market for us and we are delighted to be the majority owner of this hotel, as well as become a long term partner with Dick Friedman. The property was redeveloped as a hotel in 2007, and further investments have been made since then to keep the hotel in excellent condition. We are confident that we have the ownership and management team in place to continue to grow the quality and reputation of the Liberty.”
The Liberty Hotel was originally constructed in 1851 as the Charles Street Jail, then redeveloped as a hotel, which opened in September 2007. The property features 298 guestrooms, which average over 425 square feet in size. The guestrooms include 10 suites, with nine 800 square-foot suites and the 2,200 square-foot presidential suite. The asset also features five food and beverage outlets. The property’s 8,415 square feet of flexible meeting and function space include six indoor meeting rooms and a secluded, 2,400 square-foot courtyard, which can accommodate 250 guests for private events.
The asset will continue to operate under The Luxury Collection franchise.