LaSalle Acquiring Le Parc Suite Hotel, West Hollywood for $47 million
BETHESDA, MD, January 10, 2006. LaSalle Hotel Properties today announced it has signed an agreement to acquire the Le Parc Suite Hotel in West Hollywood, California, for $47.0 million. The independent upscale hotel features 154 spacious suites and is located at 733 North West Knoll Drive in a serene and quiet neighborhood in the heart of West Hollywood, near Melrose Avenue and La Cienega Boulevard, just minutes from Sunset and Santa Monica Boulevards. The transaction is expected to close this month, subject to loan assumption approval and other customary closing conditions and requirements. The Company makes no assurances that the property acquisition will close.
The beautifully appointed guest suites range from 650 to 950 square feet and include private balconies, living area, dining area, kitchenette and fireplace. The hotel features a rooftop pool with cabanas, tennis court, whirlpool and spectacular views of the Hollywood Hills and downtown Los Angeles. The hotel's restaurant, Knoll at Le Parc, was recently renovated and serves award-winning American cuisine. Other amenities include a full service fitness facility and a business center.
The Le Parc Suite Hotel will continue to be managed by Outrigger Lodging Services, which manages the Company's other West Hollywood locations, Le Montrose Suite Hotel and the Grafton on Sunset. The $47.0 million purchase price includes the Company's assumption of a $15.7 million loan secured by the hotel.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
