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Pebblebrook could fetch $500M from sale of LaSalle's Boston hotel

Bethesda, Md.-based Pebblebrook Hotel Trust is looking to sell two more LaSalle Hotel Properties hotels, including the 803-room Westin-Copley Place in Boston that is expected to fetch about $500 million, according to Real Estate Alert.

Pebblebrook hired Eastdil Secured to market the recently renovated hotel, which is subject to a management agreement with Marriott International Inc., according to the news outlet.

The REIT is also marketing, through JLL, the 335-room Hotel Palomar in Washington, D.C., according to the report. The hotel, which is managed by InterContinental Hotels Group PLC subsidiary Kimpton Hotel & Restaurant Group LLC, previously changed hands in 2012 for $143.8 million.

Pebblebrook will assume ownership of the hotels through its acquisition of fellow hotel real estate investment trust Lasalle, which is expected to close in late November or early December.

It recently announced plans to sell the Park Central Hotel and WestHouse Hotel New York hotels in New York and the Park Central San Francisco in San Francisco, all of which are in the current LaSalle portfolio, for a combined $715 million. The company forecasts an additional $500 million to $1 billion in further asset sales over the next year.