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BOSTON- LaSalle Hotel Properties has completed its $318-million acquisition of the Westin Copley Place in what was believed to be the largest price ever paid for a hotel property in the city. Including expenses, the new owner will spend $324 million for the 803-room property.

It marks the second area acquisition for the firm in the last four months. In May, the Bethesda, MD-based LaSalle paid $28.6 million for the 112-room Onyx Hotel here. Jon Bortz, chairman and chief executive officer of LaSalle, says the “hotel’s high barrier-to-entry urban location, leadership position in the Back Bay market, proximity to numerous strong demand generators, and high quality make this an attractive investment for the company.” The REIT also owns interests in 23 upscale hotels, totaling approximately 7,600 guest rooms in 14 markets in 10 states and the District of Columbia.

The Copley’s off-market sales agreement was negotiated between LaSalle and a privately held entity that includes Greenwich, CT-based Starwood Capital. Under terms of that agreement, the new owners assumed a $210-million first mortgage, issued to one of the prior owners, approximately $58.7 million in preferred units in the company’s operating partnership and paid the balance with proceeds from the Aug. 24 sale of preferred shares. Starwood Hotels & Resorts Worldwide, Inc. will continue to manage the property.

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