UPDATE: Deutsche Bank Reduces PT to $29 on LaSalle Hotel Properties on Lower Estimates, Higher Debt

Deutsche Bank reiterated its Hold rating on LaSalle Hotel Properties LHO and reduced its price target from $30.50 to $29. Deutsche Bank noted, "We have reduced our 2013 estimates as LHO indicated that the Park Central will undergo more substantial renovations. From a stock perspective, we expect macro fears to curb investor expectations for additional demand growth and limit upside potential. … LHO's 2012 group revenue pace was +4.8% at 7/1, down from +5.7% at 4/1." LaSalle Hotel Properties closed at $26.82 on Friday.