(By Balaseshan) LaSalle Hotel Properties (NYSE: LHO) said it has bought a majority interest in The Liberty Hotel in Boston, Massachusetts through a joint venture with the original developer and co-owner, an entity controlled by Dick Friedman of Carpenter & Co. Inc. for $170 million.
The company funded this transaction with proceeds from its sale of common shares on December 19, 2012. The asset will continue to operate under The Luxury Collection franchise.
The property is subject to a leasehold interest in the land, which expires in May 2080. The 298-room full service, luxury hotel is located at 215 Charles Street in the Beacon Hill neighborhood of Boston.
The hotel is surrounded by over 36 million square feet of Class A office space and is adjacent and connected to Massachusetts General Hospital, one of the world's premier medical complexes.
Additionally, The Liberty Hotel is conveniently located within a mile of the Boston central business district and within a few miles of Harvard University, Massachusetts Institute of Technology, Northeastern University and Boston University.
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.
LHO is trading up 0.42% at $26.49 on Friday. The stock has been trading between $22.33 and $30.46 for the past 52 weeks.