US REIT Pays $48 Million for Hotel Properties

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LaSalle Hotel Properties, a U.S.-based REIT, has purchased two hotel properties in San Francisco for $47.8 million. 

The 131-room Harbor Court Hotel is located in San Francisco's financial district. It was built in 1926 and was renovated and converted into a hotel in 1991. Last year the property completed a guest room renovation. 

The Hotel Triton is also located close to the financial district. Built in 1912, the building was converted into a 140-room hotel and underwent a guest room renovation last year.

Maryland-based LaSalle funded the transaction with borrowings from its Senior Unsecured Credit Facility. Both hotels will continue to be operated by Kimpton Hotels and Restaurants. The hotels are subject to building leases, both expiring in approximately 34 years.