LaSalle Hotel Properties Announces Sale of 6.7M Common Shares to Citigroup and Deutsche Bank
LaSalle Hotel Properties (NYSE: LHO) today announced the sale of 6,700,000 common shares to Citigroup and Deutsche Bank Securities as underwriters in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission. The Company has also granted the underwriters an option to purchase up to 1,005,000 additional shares.
The Company intends to use the net proceeds of this offering to reduce amounts outstanding under the Company's senior unsecured credit facility.
Citigroup and Deutsche Bank Securities are acting as the underwriters for the offering. A copy of the prospectus supplement and prospectus relating to these securities may be obtained by contacting (a) Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Tel: 800-831-9146, (b) Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attention: Prospectus Group, Telephone (800) 503-4611 or email at email@example.com, or (c) the Internet site of the Securities and Exchange Commission at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of the prospectus and related prospectus supplement.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 45 hotels and a mezzanine loan secured by two hotels in Santa Monica, CA. The properties are upscale, full-service hotels, totaling approximately 11,400 guest rooms in 14 markets in 10 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale, full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Commune Hotels and Resorts, Davidson Hotel Company, Denihan Hospitality Group, the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels & Resorts, JRK Hotel Group, Inc., Viceroy Hotel Group, Highgate Hotels and Access Hotels & Resorts
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