LaSalle Hotel Properties has sold the Hotel Deca in Seattle, Washington to an affiliate of AJ Capital Partners in a $55 million deal. Proceeds from the asset sale will be used for general corporate purposes. The company will not execute a 1031 exchange in conjunction with the sale of Hotel Deca. LaSalle bought the property in December 2005 for $26.4 million. The sixteen-story, 158-room, full-service hotel is located on Brooklyn Avenue adjacent to the University of Washington. LaSalle Hotel Properties owns 45 properties totaling approximately 11,300 guest rooms in 13 markets in nine states and the District of Columbia.
“Hotel Deca was an excellent long-term investment for us, generating an unleveraged IRR of 12.3 percent and an average cash-on-cash yield of 8.8 percent over 11 years,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties.
