PORTLAND, OR—LaSalle Hotel Properties has acquired The Heathman Hotel for $64.3 million. The Company funded the acquisition with cash on hand.

Surrounded by corporate and leisure demand generators, the 150-room hotel is located at 1001 SW Broadway Street in the heart of downtown Portland among the city's concentration of office towers, retail offerings, dining establishments and entertainment venues. The hotel's location within Portland's central business district places its guests within a short walk of several regional corporate headquarters including those of Wells Fargo Bank and Charles Schwab. The property is located adjacent to the Portland Center for the Performing Arts and next door to its Arlene Schnitzer Concert Hall, which houses the Oregon Symphony. The Heathman Hotel is also one block from the flagship store for Columbia Sportswear and within a short walk of Nike's flagship location.

“We are very excited about the acquisition of this special historic asset,” said Michael Barnello, president and CEO of LaSalle Hotel Properties. “The Heathman Hotel is optimally located within an excellent market. Portland boasts a diverse economy, cultural sophistication and an abundance of amenities and attractions for its visitors.”