OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc., today announced that it has acquired the 107-room luxury boutique Lorien Hotel & Spa in Alexandria, Va., for a purchase price of approximately $45 million.
“Recently recognized by Condé Nast Traveler as one of the ‘Top 100 Hotels in the World,’ this boutique luxury hotel is an excellent addition to our portfolio,” said Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc. (“IALA”). “With its superior positioning in this high barrier-to-entry market, this asset provides the opportunity to achieve premium RevPAR growth.”
The Lorien Hotel & Spa is located along King Street in historic Old Town Alexandria, near more than 100 restaurants and 2.2 million square feet of retail space. Constructed in 2009, the hotel was designed by acclaimed designer Vicente Wolf and offers 107 guestrooms, 6,500 square feet of flexible meeting space, a full-service spa and fitness center and three unique culinary venues created by local D.C. award-winning chef, Robert Wiedmaier.
“We are excited about this opportunity to start a relationship with Kimpton Hotels & Restaurants, who will continue managing this asset,” added Philip A. Wade, IALA’s senior vice president of investments. “We are thrilled that we were able to acquire another high quality and desirable luxury asset this year in a major market like Washington, D.C.”
The Lorien Hotel & Spa represents the tenth hotel acquired by Inland American this year.
About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 96 hotels with 18,715 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG brands that are managed either by the brand managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of June 30, 2013 Inland American owned 565 properties, representing approximately 41 million square feet of retail, industrial and office properties, 5,186 conventional multi-family units, 6,521 student housing beds and 16,645 hotel rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.