Maryland-based LaSalle Hotel Properties (NYSE: LHO) is selling the Indianapolis Marriott Downtown hotel. The company has entered into a definitive contract to sell the hotel for $165 million to affiliates of Merrillville-based White Lodging Services Corp. and REI Investments in Indianapolis.
LaSalle acquired the hotel for $106 million in 2004. The company expects the sale to close in the third quarter of 2016.
LaSalle says proceeds from the sale will be used to "reduce borrowings on the Company’s senior unsecured credit facility."