PHILADELPHIA-LaSalle Hotel Properties recently acquired two hotels here for $224 million from HEI Hotels & Resorts. The Bethesda, MD-based firm paid $145 million for the Westin Philadelphia and $79 million for the Embassy Suites - Philadelphia.

Management says in a press release that its acquired the assets because they are surrounded by numerous businesses and are near the expanding convention center. LaSalle paid for the hotels through a combination of asset sales, borrowing form senior unsecured credit and the issueance of common shares.

The 294-room Westin is located at 99 South 17th Street. It is part of the 2.5-million-square-foot Liberty Place mixed-use complex that includes Class A offices and 70 retail stores.