LaSalle Partners’ first ever hotel bet was the Montrose. In late November, Pebblebrook Hotel Trust, which acquired LaSalle Hotel Properties for billions of dollars after battling Blackstone, announced it dumped the 133-key, West Hollywood hotel, with a “trailing 12-month financial performance.” The roughly $44 million trade of the boutique hotel at 900 Hammond Street, near Sunset Boulevard, amounts to about $333,000 a room. That is nowhere near a record trade, but a sale is a sale in an area such as Los Angeles where hoteliers are defaulting on debt and facing forced sales — and the real estate investment trust’s […]
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