LaSalle Hotel Properties Buys New York City’s Park Central Hotel
LaSalle Hotel Properties has purchased the Park Central Hotel in New York City for $396.2 million. The 934-room, full-service hotel was built in 1928 and has undergone numerous renovations throughout the years, including $33 million in upgrades since 2004.
LaSalle will implement another $35 million renovation of the property, including guest rooms and bathrooms, corridors and the hotel’s lobby. The renovation is expected to begin later this year and conclude in 2013. The property will continue to be managed by Highgate Holdings.