LaSalle sells Alexandria hotel for $93.4M

LaSalle Hotel Properties (LHO +0.3%) closes on the sale of the Hilton Alexandria Old Town for $93.4M. It was originally purchased for $59M in 2004, and delivered an annualized IRR of 13.5% since.

The proceeds will be used to reduce borrowings on LaSalle's senior unsecured credit facility, and redeem the remaining $58.7M balance on the company's 7.25% Series G preferred stock.

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