Search
 

LaSalle Groups Partner on $250M Equity Pool

BETHESDA, MD- JP Partners LaSalle Hotel Properties and LaSalle Investment Management will lever their fund up to $700 million in buying power.

By Erika Morphy | Updated on April 18, 2008

BETHESDA, MD-LaSalle Hotel Properties, a local REIT, and LaSalle Investment Management in Chicago are forming a $250-million equity pool to invest in US hotels. The duo will lever the fund to achieve $700 million of purchasing power.

The JV fund will be investing in areas with high barriers to entry as well as a handful of key markets in which the REIT typically invests, Justin Boutwell, vice president of finance for LaSalle Hotel Properties, tells GlobeSt.com. These key investment destinations include Boston, New York City, Washington, DC, Chicago, Los Angeles, San Diego, San Francisco and Seattle. But, there’s also interest in high barrier-to-entry markets like Miami, Denver, Portland and Phoenix.

According to a press release, the JV is an 85%-15% ownership structure, with LaSalle Investment Management kicking in the majority of equity. LaSalle Hotel Properties will receive additional income for providing acquisition, asset management, project redevelopment oversight and financing services.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.