LaSalle Hotel Properties has acquired a majority interest in the Liberty Hotel in Boston through a joint venture with the original developer and co-owner, Dick Friedman of Carpenter & Co.

The total value of the transaction was $170 million. The transaction with proceeds from sales of the firm’s common shares on Dec. 19.

The 298-room full-service hotel is located at 215 Charles St. in Boston, adjacent to Massachusetts General Hospital.

"Boston is an important strategic market for us and we are delighted to be the majority owner of this hotel, as well as become a [long-term] partner with Dick Friedman," said Michael Barnello, president and CEO of LaSalle Hotel Properties, in a statement. "The property was redeveloped as a hotel in 2007, and further investments have been made since then to keep the hotel in excellent condition. We are confident that we have the ownership and management team in place to continue to grow the quality and reputation of the Liberty."

The Liberty Hotel was originally constructed in 1851 as the Charles Street Jail, then redeveloped as a hotel in September 2007.

The asset will continue to operate under The Luxury Collection franchise. The property is subject to a leasehold interest in the land, which expires in May 2080.