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LaSalle Hotel completes 2 asset sales in July for $245M

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LaSalle Hotel completes 2 asset sales in July for $245M

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.