BETHESDA, MD-LaSalle Hotel Properties, a local REIT, and LaSalle Investment Management in Chicago are forming a $250-million equity pool to invest in US hotels. The duo will lever the fund to achieve $700 million of purchasing power.

The JV fund will be investing in areas with high barriers to entry as well as a handful of key markets in which the REIT typically invests, Justin Boutwell, vice president of finance for LaSalle Hotel Properties, tells These key investment destinations include Boston, New York City, Washington, DC, Chicago, Los Angeles, San Diego, San Francisco and Seattle. But, there’s also interest in high barrier-to-entry markets like Miami, Denver, Portland and Phoenix.

According to a press release, the JV is an 85%-15% ownership structure, with LaSalle Investment Management kicking in the majority of equity. LaSalle Hotel Properties will receive additional income for providing acquisition, asset management, project redevelopment oversight and financing services.

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