LaSalle Hotel Properties acquires San Francisco-based Serrano Hotel
Today, LaSalle Hotel Properties had announced acquisition of San Francisco-based Serrano Hotel. The deal was valued USD71.5 million funded with borrowings from its senior unsecured credit facility.
Serrano Hotel offers full service with 236 rooms. It is located in 405 Taylor Street, San Francisco. It is three blocks away from Union Square and rests in the heart of the Theater District of San Francisco. The hotel is surrounded by different amenities that include retail stores and restaurants.
According to President and CEO of LaSalle Hotel Properties Michael D. Barnello, "San Francisco has been experiencing extraordinary growth and we are very familiar with this particular location and the asset, as it is next door to our Hotel Monaco and two blocks from Villa Florence."
The Serrano Hotel would continue its operation under Kimpton Hotels and Restaurants. LaSalle Hotel Properties runs 44 hotels and owns a mezzanine loan secured by two of its hotels based in Santa Monica, California. It is also a leading multi-operator real estate investment trust (REIT).
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