LaSalle Hotel Properties announced that it has acquired a leasehold interest in Viceroy Santa Monica for $80.1 million. In real estate terms, a leasehold interest gives the tenant a limited interest in the property to inhabit for the term of the lease – in this case to operate a hotel.
The hotel is an urban property located in Santa Monica, California and has 162 rooms and 18 suites, with room sizes ranging from 470 to 905 square feet. The luxurious views include ocean, pool and palm. Rooms also come with oversized showers and wired or wireless Internet connections.
Viceroy Santa Monica has 2,000 square feet of meeting and functioning space, a 600 square foot oudoor patio, a 24-hour fitness center, a business center, and concierge services. It is just one block from Santa Monica Beach and near the Main Street shopping district and Third Street Promenade.
“This extraordinary asset features a premium location, top-notch accommodations and it benefits from multiple demand generators. Furthermore, we believe the hotel’s performance will benefit from the implementation of our asset management best-practices,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties.
Viceroy Santa Monica originally opened in 1967 and then reopened in 2002 after extensive renovation. It was named to the list of top 100 hotels in the U.S. and Canada by Travel + Leisure.
The property is owned by Viceroy Hotel Group, which owns a number of luxury hotel properties, including hotels and resorts in Palm Springs, Miami, Snowmass, Colorado, Santa Monica, Anguilla, and new properties yet to be opened in Beverly Hills, Maldives, and Sowwah Island in Abu Dhabi. The company’s Tides brand includes resorts in South Beach, the Riviera Maya and Zihuantnejo, Mexico, and a new property under development in St. Lucia.
LaSalle Hotel Properties operates 35 upscale full-service hotels and specializes in owning, redeveloping, and repositining hotels in multiple markets. Some of its hotel partnerships include Benchmark Hospitality, Davidson Hotel Company, HEI Hotels & Resorts, Hyatt Hotels Corporation, and Viceroy Hotel Group.