“Pro forma for the four transactions, we have $408.6 million of cash on hand and complete availability on our credit facilities,” he adds.

Barnello says the REIT plans to redeploy the capital from these transactions as opportunities arise.

BETHESDA, MD–LaSalle Hotel Properties announced it has sold two hotels and is under contract for the sale of a third property, for a combined $218.9 million in proceeds.

The three properties are:

• The Lansdowne Resort in Leesburg, Va., which traded for $133 million. The REIT acquired the resort in June 2003 for $115.8 million.

• The Alexis Hotel in Seattle, Wash., for $71.6 million. LaSalle acquired it in June 2006 for $38 million.

• The Hotel Triton in San Francisco, which is under contract for $14.25 million and expected to close this month.

LaSalle acquired the hotel in August 2013 for $10.9 million. As an aside, LaSalle also acquired the Harbor Court Hotel at the same time it picked up the Hotel Triton, paying $47.8 million for both properties.

The REIT will use proceeds from the asset sales to redeem its $68.8 million outstanding of 7.5% Series H Preferred Shares and for general corporate purposes.

When the Hotel Triton deal closes later this month, it will be the fourth sale for the REIT. “[W]e will have sold four assets in 2017 for a combined $273.9 million at an average 6.5 percent trailing cap rate,” according to CEO Michael D. Barnello. The first hotel it sold this year was the Hotel Deca in Seattle for $55 million to an affiliate of AJ Capital Partners. The company acquired the hotel in December 2005 for $26.4 million.

“Pro forma for the four transactions, we have $408.6 million of cash on hand and complete availability on our credit facilities,” he adds.

Barnello says the REIT plans to redeploy the capital from these transactions as opportunities arise.