(By Balaseshan) LaSalle Hotel Properties (NYSE: LHO) said it has purchased 120-room full service, luxury resort L'Auberge Del Mar in Del Mar, California for $76.9 million.
Del Mar is an affluent seaside community, rich with amenities including upscale shopping and fine dining. The property enjoys close proximity to several leisure and business demand drivers including Del Mar Beach, Torrey Pines Golf Course and the Del Mar Racetrack & Fairgrounds.
"We are extremely excited to acquire L'Auberge Del Mar. The property is in excellent condition and is extremely well located in a strong market which benefits from numerous demand generators," said Michael Barnello, Chief Executive of LaSalle Hotel Properties.
[Related -LaSalle Hotel Properties (LHO) Upgraded To 'Outperform' At BMO Capital]
L'Auberge Del Mar is set on 4.5 acres overlooking the Pacific Ocean. The property opened in 1989. In 2009, the property underwent an extensive renovation totaling $25.8 million.
The project included a full guestroom renovation, lobby upgrade and improvements of the meeting space, swimming pools and food and beverage outlets. The hotel has 120 guestrooms with an average size of 320 square feet, including eight suites which average 500 square feet.
L'Auberge Del Mar also includes four food and beverage outlets. KITCHEN 1540 seats 128, including 74 indoor seats and 54 outdoor seats and features a California-inspired seasonally-driven menu.
The property's 16,500 square feet of flexible meeting and function space includes six indoor meeting rooms and six outdoor areas. L'Auberge Del Mar also offers the 5,000 square-foot Spa L'Auberge and a fitness center in addition to two tennis courts, an outdoor recreational pool and a separate lap pool.
[Related -Dividend Roundup: AHT, IDCC, LHO, LII, PEB, SWY, TYC]
LHO is trading up 0.66% at $24.34 on Friday. The stock has been trading between $21.80 and $30.46 for the past 52 weeks.