Goldman Sachs Provides Color on LaSalle Hotel Properties

Goldman Sachs provided color on LaSalle Hotel Properties LHO after the company announced it is to acquire Park Central Hotel in Manhattan for $405.5 million. In a research report published today, Goldman states, "We believe the Park Central will add a solid Manhattan submarket exposure to the LaSalle portfolio. Using the midpoint of the renovation estimate the purchase price amounts to about $470,000 per key which is inline with recent deals for prime locations in New York... This hotel is currently independent and the company has no plans to put a brand on it but management believes that it would look attractive to several of the brands so there is always the potential to put one on." On Monday, LaSalle closed the day at $25.76.