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LaSalle Pays $405.5M For Manhattan Hotel
LaSalle Hotel Properties has purchased Manhattan’s Park Central Hotel for $405.5 million.
LaSalle Hotel Propertieshas purchased Manhattan’sPark Central Hotelfor $405.5 million,The Wall Street Journalreports. The transaction is expected to be completed by the third quarter of 2011.
The acquisition will be partly funded with proceeds from LaSalle’s share sale in April 2011. The hotel will continue to be managed byHighgate Holdings.
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