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Hotel Palomar Bought by LaSalle Hotel Properties

by Borderstan.com — March 20, 2012 at 4:00 pm 3 Comments

"Borderstan" "Hotel Palomar"

Hotel Palomar  on P Street NW was purchased by  LaSalle Hotel Properties from Kimpton Hotels. (Luis Gomez Photos)

By Michelle Lancaster. You can follow her and let her know your news on Twitter @MichLancaster. Email her at michellel[AT]borderstan.com.

The ownership is the only thing that seems sure to change after LaSalle Hotel Properties purchased Hotel Palomar from Kimpton for $143.8 million. As reported by Bloomberg, Kimpton will continue to manage the property at 2121 P Street NW, in which they invested a little more than $30 million for renovations in 2006.

Kimpton owns several hotels in the area, including two in the Dupont-Logan area: Hotel Rouge on 16th Street NW and Hotel Helix on Rhode Island Avenue NW — plus Topaz (17th and N NW) and Hotel Monaco near the Verizon Center.

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Comments (3)

  1. Wait, so what’s actually changing then? And why was the sale/purchase made?

  2. This is actually an expansion of the relationship between LaSalle Hotel Properties and Kimpton. At least two of the hotels you mention, Helix and Rouge, are owned by LaSalle and managed by Kimpton.

  3. Considering Kimpton bought the Radisson hotel on that lot for $40-50 million and spent $33 renovating it, selling for $143 million makes this a great deal for them.

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