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LaSalle Hotel Properties Acquires the Heathman Hotel in Portland for $64.3M

LaSalle Hotel Properties Acquires the Heathman Hotel in Portland for $64.3M

PORTLAND, ORE. – LaSalle Hotel Properties (NYSE: LHO) has acquired the 150-room Heathman Hotel in Portland for $64.3 million. The hotel is located at 1001 SW Broadway Street in the downtown district. It is situated adjacent to the Portland Center for the Performing Arts. It is next door to the Arlene Schnitzer Concert Hall, which houses the Oregon Symphony. “We are very excited about the acquisition of this special historic asset,” says Michael D. Barnello, LaSalle Hotel Properties’ president and CEO. “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.” The hotel was originally..

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HFF Arranges $120 million sale of The Crest at Fort Lee in New Jersey

HFF Arranges $120 million sale of The Crest at Fort Lee in New Jersey

FORT LEE, N.J. — HFF has arranged the $120 million sale of The Crest at Fort Lee, a 351-unit apartment community. HFF marketed the property on behalf of the seller, Capri Capital Partners LLC. Pantzer Properties purchased the asset for $120 million, or $341,880 per unit, free and clear of any existing debt. The Crest at Fort Lee sits on 13 acres at 900 Crest Lane in eastern Bergen County near the New Jersey Turnpike/George Washington Bridge as well as nearby shopping and dining. The gated property, which was built in 1999, is 96 percent leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 square feet. The property consists of seven residential buildings with amenities including garage parking,..

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WRS to Purchase Iconic Underground Atlanta for $25.8M

WRS to Purchase Iconic Underground Atlanta for $25.8M

ATLANTA — A Mount Pleasant, S.C.-based real estate investment firm has purchased the iconic Underground Atlanta shopping district for $25.8 million. The 12-acre, multi-tiered, subterranean shopping and entertainment district is located in the Five Points neighborhood of downtown Atlanta. WRS Inc. will purchase Underground Atlanta from the city and the Downtown Development Authority. Atlanta Mayor Kasim Reed made the announcement at a news conference on Wednesday morning. Tentative plans for redevelopment include mixed-use retail and housing. The transaction will result in $8 million annual cost savings for the city, according to a news release from the city. “The sale of Underground Atlanta is another milestone in the..

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IHG to Create World’s Largest Boutique Hotel Business with $430M Purchase of Kimpton Hotels & Restaurants

IHG to Create World’s Largest Boutique Hotel Business with $430M Purchase of Kimpton Hotels & Restaurants

LONDON — InterContinental Hotels Group (NYSE: IHG) has agreed to acquire Kimpton Hotels & Restaurants (Kimpton) for $430 million in cash, creating the world’s largest boutique hotel business. Kimpton manages 62 hotels in 28 cities, including Hotel Palomar locations in Phoenix, Los Angeles and Washington; and Hotel Wilshire in Los Angeles, with 16 more in the development pipeline. The 16 hotels will include 3,000 rooms, and 10 hotels are already under construction. The company operates 71 hotel-based destination restaurants, bars and lounges. Kimpton is widely regarded as a sophisticated food and beverage operator. “Kimpton has created a portfolio of world-class hotels and destination restaurants, and the distinctive and..

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