BETHESDA, Md. — LaSalle Hotel Properties is buying the Viceroy Santa Monica hotel for $80.1 million.
The real estate investment trust said Thursday that the 162-room hotel is subject to a ground lease with the City of Santa Monica, which expires on Sept. 25, 2065.
The property, which is one block from Santa Monica Beach, will continue to be managed by Viceroy Hotel Group. The hotel opened as the Pacific Shores Hotel in 1967 and re-opened in 2002 as the Viceroy Santa Monica following a renovation.
LaSalle anticipates recognizing about $500,000 in expenses related to the transaction during the first quarter.
LaSalle owns 35 upscale hotels in nine states and the District of Columbia.