UPDATE: Goldman Sachs Downgrades LaSalle Hotel Properties to Sell on Market Weakness and Supplly Increases

Goldman Sachs downgraded LaSalle Hotel Properties

from Neutral to Sell and announced a $23.50 price target. Goldman Sachs commented, "We downgrade LaSalle (LHO) to Sell from Neutral and see 8% downside (vs. 6% upside for coverage) to our new 12-month price target of $23.50. Headwinds for LaSalle from its exposure to the lagging Washington DC market, upcoming supply increases in two of its key markets (DC and New York City) and uncertainty with end results from ongoing renovations drive our call for relative underperformance." LaSalle Hotel Properties closed at $25.60 on Friday.