LaSalle Hotel Says Will Sell 7M Shares
LaSalle Hotel Properties (NYSE: LHO) today announced that it plans to sell 7,000,000 common shares in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission.
The Company also plans to grant the underwriters an option to purchase up to an additional 1,050,000 common shares.
Citigroup and Raymond James are acting as joint book-running managers for the offering and BMO Capital Markets is acting as lead manager.
The Company intends to use the net proceeds of this offering to fund all or a portion of the cost of future hotel acquisitions, including the potential acquisition of a hotel in a major U.S. market in which the Company already owns properties, to reduce amounts outstanding under its senior unsecured credit facility and under the unsecured credit facility of the Company's taxable REIT subsidiary, LaSalle Hotel Lessee, Inc., and for general corporate purposes.
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