June 3, 2014 – The real estate investment trust that owns Hotel Chicago and Westin Michigan Avenue is letting go its hotel six miles south of downtown Washington, D.C.

LaSalle Hotel Properties will sell the Hilton Alexandria Old Town for about $93 million to an undisclosed buyer. LaSalle bought the 246-room hotel in 2004 for $59 million and renovated it in 2006 and 2007.

Announcing the sale on Monday, LaSalle said it expects the transaction to close later this month. Proceeds will be used to help pay off unsecured loans.

LaSalle will then own 45 hotels in 14 markets.

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