Its location at 1767 King St. is adjacent to the King Street–Old Town station on the Washington Metro's Blue and Yellow lines. Substantial renovations at the hotel were completed in January. According to an SEC filing in late April, LaSalle completed $16.4 million worth of renovations at four of its hotels, among them the Hilton Alexandria Old Town, in the first quarter. "The Hilton Alexandria Old Town was a wonderful long-term investment for us," Michael Barnello, LaSalle's president & CEO, said in a statement. "The asset delivered an unleveraged IRR of 13.5 percent over 10-plus years." LaSalle will use proceeds from the sale to reduce borrowings on its senior unsecured credit facility and redeem the remaining $58.7 million of 7.25 percent Series G Preferred Shares. LaSalle Hotel Properties currently owns 45 upscale, full-service hotels totaling about 11,300 guest rooms and representing numerous flags and brands.