The Lansdowne Resort, located on 556 acres in Leesburg, VA, was sold to LaSalle Hotel Properties for almost $116 million. The hotel, which opened in 1991, has 296 rooms and suites, an 18-hole golf course and 45,000-sf of conference space. A second golf course and clubhouse are under construction.

The Greenwich Group International and HREC Investment Advisors handled the sale. Neil Teplica, director of Greenwich's hotel group, said he could not reveal the seller of the complex. "The sellers are a very private group who don't wish to be in the media," Teplica said. The property's Web site lists Benchmark Hospitality Property Portfolio Web as the owner.

The sale was one of the top five hotel sales in the country, Teplica told GlobeSt.com. "There was only a small few sales of this size in the last year and a half," Teplica said.

Minimal sales are normal for the high-end hospitality market, with properties so large that the sluggish economy barely makes a dent, Teplica said. "There's never been many sales of this size," he added.

That's opposed to how smaller hotel properties are being affected, Teplica said. "The market is very slow for sales, there's more joint partnerships and financing going on," he said. "Sellers feel they should wait for buyers to bring in more value to sales."

In the Lansdowne case, Teplica said, the value was amenable to both parties. "Both buyer and seller felt this transaction made sense," Teplica said.