BETHESDA, MD LaSalle Hotel Properties has acquired I&H Capitol, which owns the Holiday Inn on the Hill Hotel. The 343-room full-service hotel is located on Capitol Hill in Washington, D.C. and is the closest hotel to the U.S. Capitol. LaSalle Hotel Lessee, the company s taxable subsidiary, will lease the property and has retained Crestline Hotels & Resorts to manage the hotel. Crestline has been the manager of the property since 1997.
A $5 million renovation is currently planned to coincide with the opening of the new convention center in March 2003. Prior to the renovation of the hotel, the company will evaluate the economic benefits of up-branding the property, as well as expanding the number of guestrooms at the hotel. (6/1/01)