Onyx Hotel Sells for $29M

BOSTON-Bethesda, MD-based LaSalle Hotel Properties has acquired the 112-room Onyx Hotel in a transaction valued at approximately $28.6 million. The 155 Portland St. hotel was sold by Kimpton Hotels & Restaurant Group LLC, the San Francisco-based hotelier that opened the 12-story four-star boutique property a year ago. Kimpton, which also manages the Company’s five DC Urban Collection hotels, will continue to manage the Boston asset.

The Onyx buy was the second Boston acquisition for LaSalle, which also owns the Harborside Hyatt Hotel at Logan Intenational Airport. In a statement issued by Kimpton, the firm’s chairman and CEO Thomas LaTour, says, the Onyx Hotel continues to show excellent growth potential as a top-performing urban hotel. “We are confident that LaSalle Hotel Properties’ support will ensure the property’s success.”