BETHESDA, Md.--(BUSINESS WIRE)--LaSalle Hotel Properties (NYSE: LHO) today announced that it has entered into a definitive contract to sell Indianapolis Marriott Downtown to affiliates of White Lodging Services Corporation and REI Investments for $165 million. The Company acquired the hotel in February 2004 for $106 million.

The Company expects the transaction to close early in the third quarter 2016. The transaction is subject to customary closing conditions. Proceeds from the transaction will be used to reduce borrowings on the Company’s senior unsecured credit facility.

LaSalle Hotel Properties is a leading multi-operator real estate investment trust. When this transaction closes, the Company will own 46 hotels and a mezzanine loan secured by two hotels in Santa Monica, California. The properties are upscale, full-service hotels, totaling more than 11,400 guest rooms in 13 markets in 9 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale, full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, Commune Hotels and Resorts, Destination Hotels, Davidson Hotel Company, Kimpton Hotels & Restaurants, Accor, HEI Hotels & Resorts, JRK Hotel Group, Inc., Viceroy Hotel Group, Highgate Hotels and Access Hotels & Resorts.