Hospitality

KEY WEST, FLA. — LaSalle Hotel Properties has acquired the 260-room Southernmost Hotel Collection in Key West for $184.5 million. The acquisition includes the Southernmost on the Beach, Southernmost Hotel in the USA and La Mer Hotel & Dewey House properties. LaSalle funded the transaction with borrowings from its senior unsecured credit facility. The hotel property is located on the southern end of Duval Street, which runs through Key West's Old Town, home to bars, restaurants, shops and historic sites. The hotel includes 3,128 square feet of meeting space and 2,488 square feet of outdoor space. About $13.8 million has been invested in the hotel's upkeep in the last three years. Highgate Hotels will operate the Southernmost Hotel Collection.

LAUREL, MD. — Sperry Van Ness | Small Shah Commercial Advisors has brokered the sale of a Hampton Inn hotel, located on Braygreen Road in Laurel. The buyer, Neema Laurel LP, purchased the hotel for approximately $6.4 million. Shailesh Shah of Sperry Van Ness | Small Shah Commercial Advisors represented the seller, Mt. Laurel Hospitality, in the transaction.

ATLANTA — RLJ Lodging Trust, a publicly traded hospitality REIT, has acquired the 78-room Residence Inn Atlanta Midtown Historic in Atlanta's Midtown submarket. RLJ Lodging, which bought a mortgage loan collateralized by the hotel in 2009 for $5 million, purchased the hotel through a foreclosure sale after the borrower defaulted on the loan earlier this year. The hotel will be closed later this year to undergo a comprehensive renovation that will include upgrades to the guest rooms and public spaces. The hotel will reopen in the third quarter of 2013 under the Residence Inn by Marriott flag.