NEW YORK CITY-LaSalle Hotel Properties, a Bethesda, MD-based lodging REIT, rang in the New Year by closing on its acquisition of the Park Central Hotel, a 934-key hotel at 870 7^th Ave. in Midtown, for $396.2 million, a $9.3 million reduction from its original purchase and sale agreement of $405.5 million in June 2011. The deal, which was expected to close by the third quarter 2011, required extra review due to the large nature of the transaction.

“The seller needed additional time to work things out,” Michael Barnello, president and CEO of LaSalle Hotel Properties, tells GlobeSt.com. According to Real Capital Analytics, the seller was a joint venture of Highgate Properties, Whitehall Real Estate Funds and Rockpoint Group, though LaSalle declined to disclose the seller.

“There were a number of people involved, and they had agreed to give us the hotel EBITDA, and that is $9.3 million,” Barnello says, adding that the purchase price reduction is equal to the hotel’s income after debt service from September 2, 2011 through closing.