BETHESDA, Md.—LaSalle Hotel Properties announced that it acquired the Harbor Court Hotel and Hotel Triton, both located in San Francisco, Calif., for $47.8 million. The company funded the transaction with borrowings from its Senior Unsecured Credit Facility.
The 131-room, Harbor Court Hotel, originally built in 1926, was extensively renovated and converted in 1991. It houses the 230-seat, upscale, contemporary Japanese Restaurant “Ozumo,” which is leased to a third-party restaurateur and open for lunch and dinner.
Hotel Triton is a 140-room hotel that is located close to the Financial District. The building was originally constructed in 1912 and was converted to a hotel in 1991. In 2012, the property completed a guestroom renovation.
“We are very excited to have acquired these two well-located assets in one of the strongest markets in the United States,” said Michael D. Barnello, president and chief executive officer of LaSalle Hotel Properties. “After exceeding cyclical prior peak demand in 2011, the market continues to grow. We are equally encouraged by the very limited supply growth slated for the next several years.”
Both hotels will continue to be operated by Kimpton Hotels and Restaurants.