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NEW YORK CITY-Olympus Real Estate Partners, a New York and Dallas-based company, has sold eight northeast properties to La Quinta hotels for an undisclosed price. The purchase will put an additional 1,000 keys in the company’s 65,000-room portfolio.

“It is a very important transaction because it enhances our presence in the northeast, which we have been very focused on in the last year,” Temple Weiss, EVP of acquisitions and development for LaQuinta, tells GlobeSt.com. “As a result, we are hoping to continue to expand in this market through acquisitions and branding.”

In 2006, La Quinta opened 85 hotels across the US, a strategy it plans to continue this year. “In 2007, we will continue to aggressively grow the La Quinta brand through both corporate acquisitions and franchising with more than 200 hotels opened and 135 hotels in the pipeline,” says Wayne Goldberg, president and CEO of La Quinta, in a statement.

The deal includes the following hotels: the 131-room La Quinta Inn & Suites Baltimore North in Baltimore; the 130-key La Quinta Inn & Suites Baltimore BWI Airport in Linthicum Heights, MD; the 105-room La Quinta Inn & Suites Columbia Jessup in Jessup, MD; the 152-key La Quinta Inn & Suites New Haven in New Haven; the 105-unit La Quinta Inn & Suites Portland in Portland, ME; the 105-room La Quinta Inn & Suites Salem in Salem, NH; the 158-key La Quinta Inn & Suites Stamford in Stamford, CT; and the 115-room La Quinta Inn & Suites Warwick in Warwick, RI.

La Quinta plans to spend $12 million in upgrading the facilities. Each property will get at least $1 million, with the hotel in Jessup and Stamford receiving the most capital for improvements at $2.2 million each. Every hotel will receive new carpeting both in the common areas and the guest rooms, according to Weiss. The entrance way to every room will receive a faux wood finish before leading into the carpeted area. The guest bathrooms will get a number of new upgrades including larger towels and new shower heads. Rooms will also be outfitted with new drapery, bedspreads and upholstery.

Moving forward, La Quinta plans to grow its portfolio along both coasts, which are markets the hotelier is new to. The hotels in Maine, New Hampshire and Rhode Island that come with this deal are the first properties in those states for La Quinta. Weiss says last year the company successfully began growing its holdings along the coasts with purchases in California, Vermont, North Carolina and South Carolina, to name a few.

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