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LaSalle Hotel sells Seattle asset for $55M

LaSalle Hotel Properties offloaded Hotel Deca in Seattle for $55.0 million.

The company, which bought the hotel in December 2005 for $26.4 million, said it will use the sale proceeds for general corporate purposes.

The buyer was an affiliate of AJ Capital Partners.

The asset generated an average cash-on-cash yield of 8.8% over 11 years, LaSalle President and CEO Michael Barnello said in a release.