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Viceroy Deal Done

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The Wall Street Journal covers LaSalle's $80 million purchase of the Viceroy Hotel in Santa Monica, a deal which initially drew 10 bidders, according to the paper. "The final price amounts to roughly $494,000 per room for seller Viceroy Hotel Group, which had owned the [162-room] hotel since 2001." LaSalle President and CEO Michael Barnello says "Santa Monica's tight restrictions on new construction make it an ideal market for owning established properties." [WSJ]