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UPDATE: LaSalle Adds 1,118 Rooms With Westin, House of Blues Buys

CHICAGO-The Bethesda, MD-based REIT pays $214.7 million for the 751-room Westin Michigan Avenue and $114.5 million for the 367-room House of Blues Hotel, putting about 25% of its portfolio Downtown.

By Mark Ruda | Updated on March 01, 2006

CHICAGO-LaSalle Hotel Properties now has nearly 25% of its 9,600-room portfolio in three Downtown properties. Already the owner of the Chicago Marriott Downtown, the Bethesda, MD-based REIT closed Wednesday on the 751-room Westin Michigan Avenue for $214.7 million as well as the 367-room House of Blues Hotel for $114.5 million.

The Westin at 909 N. Michigan Ave. has now been sold twice in little more than a year. JER Partners of McLean, VA paid $137 million for the property across Delaware Place from the John Hancock Building in early 2005. Starwood Hotels & Resorts Worldwide Inc., which had a 25% stake in the property before selling to JER Partners, continues as manager of the hotel. Starwood Hotels & Resorts manages three other hotels in LaSalle Hotel Properties’ portfolio.

The $114.5-million price for the House of Blues Hotel at 329 N. Dearborn St. includes 115,000 sf retail and restaurant space at the base of the Marina City condominium towers as well as 896 parking spaces in the first 17 floors of the twin towers. LaSalle Hotel Properties has hired Gemstone Resorts International, LLC to manage the hotel.

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