LaSalle Hotel Buys Southernmost Hotel In Key West, Florida For $184.5 Mln

(RTTNews) - LaSalle Hotel Properties (LHO) announced that it acquired the 260-room Southernmost Hotel Collection in Key West, Florida for the purchase price of $184.5 million. The Southernmost Hotel Collection consists of the Southernmost on the Beach, Southernmost Hotel in the USA and La Mer Hotel & Dewey House.

The company stated that it funded the transaction with borrowings from its Senior Unsecured Credit Facility.

The Hotel features 3,128 square feet of meeting space, including 2,488 square feet of outdoor space. The restaurant, Southernmost Beach Café, which is located on the beach overlooking the Atlantic Ocean, serves breakfast, lunch and dinner and provides catering for private events. The Hotel also has three bars located throughout the property. The Shores Bar and Sand Bar are located at Southernmost on the Beach, while the Pineapple Bar is located at Southernmost Hotel in the USA.

In a separate press release, LaSalle Hotel Properties announced that it acquired the Serrano Hotel in San Francisco, CA for the purchase price of $71.5 million.

The Serrano Hotel's 236-rooms include 19 suites which average 500 square-feet. The property also features Jasper's Corner Tap & Kitchen, which opened in 2011 and has been extremely well-received by visitors and locals.