ALEXANDRIA, VA-Inland American Lodging Group has acquired its tenth hotel for the year in Alexandria, VA—the Lorien Hotel & Spa in Old Town. The 107-key hotel traded for approximately $45 million.
Constructed in 2009, the hotel was designed by Vicente Wolf. Besides the 107, there is also 6,500 square feet of flexible meeting space and a full-service spa.
The deal opens the door to a relationship with Kimpton Hotels & Restaurants, which manages the asset and will continue to do so under Inland American, according to Philip A. Wade, the company's senior vice president of investments.
Inland American has been acquiring hotels at a steady clip this year. Earlier this month, the REIT acquired the 21-story, 285-room Loews New Orleans for $74.5 million, or approximately $261,000 per key. Loews Hotels & Resorts will continue to manage the hotel. In September, it acquired two Andaz hotels for approximately $115 million. The hotels, part of Hyatt's boutique brand, are located in Napa, CA, and Savannah, GA.
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