LaSalle Hotel Properties to Acquire the Park Central Hotel in New York City for $405.5M

LaSalle Hotel Properties LHO today announced that it signed a Purchase and Sale Agreement to acquire The Park Central Hotel for $405.5 million. The 934-room, urban, full service hotel is located on Seventh Avenue, between West 55th and West 56th Streets, in midtown Manhattan. The acquisition is subject to the Company's completion of due diligence as well as customary closing requirements and conditions, and is expected to close toward the end of the third quarter of this year. The Company anticipates funding the majority of the purchase price with net proceeds of approximately $216.6 million from the Company's previously completed sale of common shares on April 26, 2011 and property level financing.