California

CARMEL VALLEY, CALIF. – The 15-room Blue Sky Lodge in Carmel Valley has sold to a team of veteran hoteliers for $2.2 million. The hotel is located at 10 Flight Road. The sale also included two vacant parcels adjacent to the hotel. The buyers plan to redevelop both the existing hotel and the vacant parcels. They were represented by Rick Lahkar of Marcus & Millichap’s Oakland office. The seller was not named.

BETHESDA, MD. — LaSalle Hotel Properties has sold 7.6 million shares of common stock to Barclays, Deutsche Bank Securities and Morgan Stanley for $40.30 per share. LaSalle will use the net proceeds from this underwritten public offering to fund three hotel acquisitions out West. Though the properties were not named, LaSalle noted the hotels were located in San Francisco, Los Angeles and Portland, Ore. They will be purchased for a total of about $500 million. The company will also use some of the proceeds to reduce the amount of its outstanding $750-million senior unsecured credit facility, as well as for general corporate purposes. Barclays, Deutsche Bank Securities and Morgan Stanley are acting as the offering’s underwriters. LaSalle has also granted the underwriters an option to purchase up to 1.14 million additional shares. Bethesda, Md.-based LaSalle Hotel Properties is a multi-operator REIT that owns 44 hotels. The portfolio contains a total of 11,100 guest rooms in upscale, full-service hotels throughout 13 markets in nine states and the District of Columbia. LaSalle specializes in the ownership, redevelopment and repositioning of upscale, full-service hotels in urban, resort and convention markets.