LaSalle Hotel Properties acquires posh Washington, D.C., hotel

WASHINGTON, D.C. – Bethesda, Md.-based LaSalle Hotel Properties has acquired I&G Capitol Inc., the owner of the 343-room Holiday Inn on the Hill Hotel. The full-service hotel is the closest hotel to the U.S. Capitol and is located on Capitol Hill. Bethesda, Md.-based Crestline Hotels & Resorts Inc., which has managed the hotel since 1997, will continue to oversee its operations. LaSalle Hotel Lessee Inc., a taxable subsidiary of LaSalle Hotel Properties, will lease the property.

The full-service Holiday Inn on the Hill is expecting an 8 % growth in room revenue per available room for 2001. The tourist trade in Washington, D.C., is flourishing, and hotel occupancy in 2000 increased 2.3 % from 1999, according to Smith Travel Research.