Hotel REIT Buys L’Auberge Del Mar for $77MMonday, December 10, 2012
Maryland-based LaSalle Hotel Properties has purchased L’Auberge Del Mar for $76.9 million. The 120-room luxury resort in Del Mar had been placed on the market earlier this year by its prior owner, L-O Del Mar Holding Inc. of San Francisco.
“The property is in excellent condition and is extremely well located in a strong market which benefits from numerous demand generators,” LaSalle President and CEO Michael D. Barnello said in a statement.
L’Auberge Del Mar opened in 1989 on 4.5 acres at 1540 Camino Del Mar. The property underwent a $25.8 million renovation in 2009, involving guest rooms, lobbies, swimming pools and food and beverage outlets.
LaSalle Hotel Properties is a real estate investment trust that owns interests in 41 hotels nationwide, including 39 upscale properties that are owned 100 percent. Its fully owned properties total 10,300 rooms in 13 markets across nine states and the District of Columbia.
— SDBJ Staff Report