LaSalle Plans to Acquire Three Hotels
LaSalle Hotel Properties said it reached agreements to buy hotels in the District, Seattle and San Diego in separate transactions totaling $162.2 million. The Bethesda company, which specializes in luxury properties, said it plans to acquire the Holiday Inn Downtown in the District for $44.6 million, along with the Best Western University Tower Hotel in Seattle for $26.4 million and the Hilton San Diego Resort for $91.2 million.
All three transactions probably will be completed by Jan. 31, LaSalle said in a statement. The company did not identify the sellers.
Mack-Cali Buys Greenbelt Office Complex
Mack-Cali Realty, a New Jersey-based investor in U.S. property, has agreed to buy a seven-building office complex in Greenbelt for $161.7 million.
Capital Office Park has about 842,300 square feet of office space. It is 84.6 percent leased with 90 tenants, including several major corporations and government contractors. After the purchase -- which will probably be completed by March -- Mack-Cali will own about 1.3 million square feet of office space in the Washington market.
Anteon to Lead Alliance for Army Contract
Anteon International, a builder of computer networks for the military, will lead an alliance of defense contractors that will try to win contracts for battle-simulation and training systems from the U.S. Army by providing a single contract source.
Anteon said the Warfighter FOCUS Alliance -- which also includes Lockheed Martin, Northrop Grumman and Saab -- will offer live, virtual and constructive simulations, the three principal forms the Army uses.
The four companies decided to form the alliance to offer a single contract source for the Army's simulation programs, Anteon spokesman Mark Meudt said. There have been no contract awards yet.
MERGERS & ACQUISITIONS
Capital Auto Expects Dec. 15 Takeover Closing
Capital Automotive Real Estate Investment Trust, an investor in car-dealership properties, said it expects its takeover by the DRA Advisors investment fund to close Dec. 15. The deal still must be approved by shareholders and meet certain other conditions.
In September, McLean-based Capital Automotive said it agreed to be acquired by DRA for $38.75 a share, or $3.4 billion including debt and preferred stock.
Compiled from staff and news service reports.