LaSalle Hotel Properties buys L’Auberge Del Mar
By Claire Harlin
Officials from the hotel investment company that recently purchased L’Auberge Del Mar for $76.9 million say there are no plans to make changes at the upscale hotel.
The acquisition by LaSalle Hotel Properties, announced on Dec. 7, follows a $26 million renovation the hotel wrapped up in 2009, making the hotel a valuable asset for the company, said CFO Bruce Riggins.
“We don’t have plans for renovation because the hotel just underwent a renovation,” he said, adding that Destination Hotels & Resorts will continue management of the hotel, also with no changes in operation.
Riggins said the purchase was in the company’s “sweet spot,” as most of LaSalle’s 41 properties were bought in the $70 million to $140 million range. On the high end was the company’s 2011 purchase of the Park Central Hotel in New York for $405.5 million.
Set on 4.5 acres at 1540 Camino Del Mar, L’Auberge Del Mar opened in 1989. The recent renovation project included a full guestroom and lobby upgrade, as well as improvements of the meeting space, swimming pools and food and beverage outlets. The hotel has 120 rooms with an average size of 320 square feet, including eight suites that average about 500 square feet.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. Of its 41 upscale full-service hotels, 39 are wholly-owned. The company focuses on owning, redeveloping and repositioning high-end hotels located in urban, resort and convention markets. For more information, visit www.lasallehotels.com or www.laubergedelmar.com.