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January 7, 2013

LaSalle buys majority stake in The Liberty Hotel for $170m

LaSalle Hotel Properties, through a joint venture with a firm controlled by Dick Friedman of Carpenter & Company, has acquired a majority stake in The Liberty Hotel for $170m.

By admin-demo

The Liberty Boston

LaSalle Hotel Properties, through a joint venture with a firm controlled by Dick Friedman of Carpenter & Company, has acquired a majority stake in The Liberty Hotel for $170m.

The full service, luxury hotel was originally developed as the Charles Street Jail in 1851 and converted into a hotel in 2007.

LaSalle Hotel Properties president and CEO Michael Barnello said that Boston is an important strategic market for the company.

"We are confident that we have the ownership and management team in place to continue to grow the quality and reputation of the Liberty," he added.

Located at 215 Charles Street in the Beacon Hill neighbourhood of Boston, Massachusetts, The Liberty Hotel features 298 guestrooms, which average over 425ft² in size.

The guestrooms include ten suites – nine 800ft² suites and a 2,200ft² presidential suite.

The hotel features five food and beverage outlets – CLINK, Alibi, Scampo, Liberty Lobby Bar and Catwalk.

"We are confident that we have the ownership and management team in place to continue to grow the quality and reputation of the Liberty."

CLINK has a seating capacity of 76 and serves modern American cuisine.

The Alibi lounge and Scampo restaurant are leased out to a third-party tenant.

Liberty Lobby Bar serves a range of wines and cocktails, and Catwalk features bar service and dinner by CLINK.

The property also offers an 8,415ft² meeting and function space with six indoor meeting rooms and a 2,400ft² courtyard, which can accommodate 250 guests.

The Luxury Collection franchise will continue to operate The Liberty Hotel, which is subject to a leasehold interest in the land which expires in May 2080.

LaSalle Hotel Properties owns 40 upscale, full-service hotels, totalling more than 10,600 guest rooms in 13 markets in nine US states and the District of Columbia.

Carpenter & Company’s portfolio stretches from the St Regis Hotel in San Francisco to the Charles Hotel in Harvard Square, Cambridge, Massachusetts.


Image: The 298-room full service, luxury hotel is located at 215 Charles Street in the Beacon Hill neighbourhood of Boston. Photo: LaSalle Hotel Properties.

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