Santa Monica's has been sold, a hotel representative confirmed to Santa Monica Patch on Thursday morning. Real-estate investment trust LaSalle Hotel Properties bought the 162-room beachside property for $80.1 million.
The Viceroy—which reportedly has a lease with the City of Santa Monica though Sept. 25, 2065—will continued to be managed by the Viceroy Hotel Group.
“We are very excited about the purchase of the Viceroy Santa Monica,” Michael D. Barnello, president and CEO of LaSalle Hotel Properties, said in a statement. “This extraordinary asset features a premium location, top-notch accommodations and it benefits from multiple demand generators. Furthermore, we believe the hotel’s performance will benefit from the implementation of our asset management best-practices.”
The Viceroy, originally called the Pacific Shores Hotel, opened in 1967. In July 2002, it reopened after undergoing a $20.3 million renovation. In 2009, the Viceroy Santa Monica was named one of the “Top 100 Hotels in the U.S. and Canada” list by Travel + Leisure magazine. The honor was underscored at a recent awards event that was hosted by the Santa Monica Convention and Visitors Bureau and held at the Annenberg Community Beach House.
LaSalle Hotel Properties owns 35 full-service hotels in 13 markets in nine states. The real estate investment trust specializes in redeveloping and repositioning upscale hotels in urban and resort areas.
This story was updated at 11:09 a.m.