LaSalle Hotel to Buy San Diego Resort

LaSalle Hotel Properties agreed to buy the San Diego Princess Resort from VVH Resorts for $73 million in cash as the newly public hotel operator expands its portfolio to 11 properties. LaSalle said it will rename the 44-acre property the San Diego Paradise Point Resort and spend as much as $8 million over the next two years to renovate it. New York-based LaSalle will lease the hotel to an affiliate of Noble House Hotels & Resorts, which will also operate the property. The resort is located in Mission Bay on Vacation Island, an aquatic park in southwest San Diego County.