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Westin, House of Blues Early RevPaR Winners for LaSalle

CHICAGO-Two of the newest additions to the Bethesda, MD-based hotel REIT's portfolio are among the company's leaders in revenues per available room. The Westin Michigan Avenue and House of Blues hotels are included in the company's $80-million room renovation program.

By Mark Ruda | Updated on April 24, 2006

CHICAGO-Two of LaSalle Hotels Properties’ most recent acquisitions have made favorable first impressions. The Westin Michigan Avenue and House of Blues hotels, which the Bethesda, MD-based REIT acquired earlier this year for a combined $329 million, were among its first-quarter leaders in revenues per available room, company officials say.

Meanwhile, LaSalle Hotels Properties’ seven-figure investment in the Chicago Marriott Downtown six years ago yielded an astounding 47% internal rate of return, reports chief financial officer Hans S. Weger, as the company walked away with a $38.4-million gain after the $306-million sale to DiamondRock Hospitality Co. The Carlye Group and LaSalle Hotel Properties paid $175 million for the hotel at 540 N. Michigan Ave. in 2000.

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