The Westin Copley Place, a major Boston hotel, has sold for $318 million. The buyer is Chicago-based LaSalle Hotel Properties (NYSE: LHO), a real estate investment trust that buys luxury hotels.
The Westin Copley Place was owned by a joint venture consisting of JMB Realty Corporation, Starwood Hotels & Resorts Worldwide and Enpro International. The acquisition is expected to close in September.
The 803-room hotel is strategically located in Boston’s posh Back Bay district, only five miles from Logan International Airport. This is LaSalle Hotel Properties’ second major hotel acquisition in Boston. In May, the REIT bought the Onyx Hotel in downtown Boston for $28.6 million.