Hotel REIT LaSalle Hotel Properties (LHO) has bought San Diego’s Hilton Gaslamp Quarter for $85 million. This upscale hotel is located next to the Convention Center in downtown San Diego.
"The San Diego hotel market has outperformed through the economic downturn, benefiting from healthy convention, meeting and leisure travel," says Jon Bortz, chairman and chief executive officer at LHO.
Bortz expects San Diego to continue to be one of the strongest performing hotel markets in the nation. LaSalle has chosen Davidson Hotel Co. to manage the 282-room hotel.
Last November, LaSalle bought another California hotel—the Chaminade located in Santa Cruz—for $18.5 million. That property boasts 153 rooms and 12,000 sq. ft. of meeting space.