D.C. Hotel Property Sold

LaSalle Hotel Properties has bought a downtown Washington, D.C. hotel for $44.6 million. The hotel REIT also plans to invest another $21 million into the Holiday Inn Downtown.

Upon completion of that renovation in 2007, the property will be operated as a luxury hotel. As part of the deal, the 212-room hotel will no longer be branded under the Holiday Inn flag.

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