LASALLE HOTEL ACQUIRES SOUTHERNMOST HOTEL COLLECTION FOR $184.5M

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.