LaSalle Hotel Propertiessold its junior mezzanine loan secured by equity interests in two Santa Monica,Calif., hotels for $80.0 million and completed the sale of MarriottIndianapolis Downtown for $165.0 million.
The loan, secured by equity interests in Shutters on the Beachand Casa Del Mar, was sold July 8 for the principal amount. LaSalle originally providedthe loan July 20, 2015.
The Marriott sale, completed July 14, generated an unleveragedinternal rate of return of 13.7%.
LaSalle used the proceeds from both deals to reduce borrowingson its senior unsecured credit facility and for general corporate purposes.