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HomeHotels & LodgingLaSalle Hotel Properties announces sale of Chicago re-development joint venture property
LaSalle Hotel Properties is a leading multi-operator real estate investment trust

LaSalle Hotel Properties announces sale of Chicago re-development joint venture property

LaSalle Hotel Properties announced that Modern Magic Hotel, LLC, a joint venture in which the company holds a 95% controlling interest, closed on the sale of the joint venture’s portion of the building located at 330 N. Wabash Avenue in downtown Chicago, IL for $58.8 million. The joint venture owned the second to thirteenth floors and a portion of the first floor of the existing 52-story building.

LaSalle Hotel Properties received proceeds, after payment of transaction costs, fees and minority partnership interest, of $51.6 million. The company anticipates that it will recognize an impairment loss related to this sale of approximately $8.0 million in the fourth quarter of 2010.

LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 35 upscale full-service hotels, totaling over 9,100 guest rooms in 14 markets in 10 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Sheraton Hotels & Resorts Worldwide, Inc., Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, Denihan Hospitality Group, the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels & Resorts and JRK Hotel Group, Inc.

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