L'Auberge Sold to LaSalle Hotel Properties for $76.9M

L'Auberge Del Mar sold! On Friday, LaSalle Hotel Properties (NASDAQ: LHO) announced that it acquired the 120-room luxury resort at 1540 Camino Del Mar for $76.9 million.

L’Auburge Del Mar’s pending sale first made headlines in August , when hotel brokerage firm Eastdil Secured released a flier announcing they had been retained to solicit purchase offers. The flier did not mention a property list price, although it did note the hotel underwent a 16-month, $26 million renovation project in 2009.

The new owner could not be reached for comment Friday afternoon. It is unknown if they will retain the properties' current management company Destination Hotels & Resorts, one of the largest employers in Del Mar. However, San Diego-based hotel broker and HREC Investment Advisors Principal Michael Armstrong told Patch in August that he did not think that was likely.

“It is highly likely the new buyer will bring in a new management company,” Armstrong said this summer. “It is possible they would keep the current management company, but I don’t believe this will be the case.”

LaSalle Hotel Properties owns 41 hotels, totaling more than 10,300 guest rooms in 13 markets in 9 states and the District of Columbia, according to its' website.

"We are extremely excited to acquire L'Auberge Del Mar," said Michael D. Barnello, president and CEO of LaSalle Hotel Properties in an announcement online. "The property is in excellent condition and is extremely well located in a strong market which benefits from numerous demand generators."

LaSalle Hotel Properties could not be reached for further comment Friday afternoon.