LaSalle Hotel Properties (LHO.N) is buying the Park Central Hotel in midtown Manhattan and plans to renovate the 934-room hotel next year. LaSalle, a real estate investment trust that owns upscale, full-service hotels, said on Monday it would finance the $405.5 million deal in part with the net proceeds from a stock sale in April. LaSalle said it would spend between $30 million and $35 million to renovate the hotel, located near New York landmarks such as Carnegie Hall and Central Park. The renovations should start in 2012, it said. The hotel will still be managed by Highgate Holdings.
LaSalle Hotel Properties is a self-managed and self-administered real estate investment trust (REIT). Shares of LHO remained unchanged at $26.19. In the past year, the shares have traded as low as $19.12 and as high as $29.58. On average, 780259 shares of LHO exchange hands on a given day and today's volume is recorded at 0.
Source
