LaSalle Hotel Properties Announces the Partial Redemption of 7.25% Series G Cumulative Redeemable Preferred Shares
LaSalle Hotel Properties (NYSE: LHO) today provided notice to the holders of its 7.25% Series G Cumulative Redeemable Preferred Shares (the “Series G Preferred Shares”) of the redemption of 4,000,000 of the 6,348,888 issued and outstanding Series G Preferred Shares, representing approximately 63% of the outstanding shares. The cash redemption price for the Series G Preferred Shares is $25.00 per share, plus accrued and unpaid dividends through the redemption date.
The redemption date will be April 5, 2013. Redemptions will be on a pro rata basis (as nearly as practicable without creating fractional shares). All Series G Preferred Shares are held through the Depositary Trust Company (DTC), and the shares called for redemption will be chosen and redeemed according to DTC's procedures.
After the redemption date, dividends on the Series G Preferred Shares called for redemption will cease to accrue. Payment of the redemption price will be made only upon presentation and surrender of certificates representing the Series G Preferred Shares to Wells Fargo Bank, N.A., the Company's transfer agent, during its normal business hours at the address specified in the Notice of Redemption.
The Notice of Redemption and related materials were mailed today to holders of record of the Series G Preferred Shares. Questions relating to the Notice of Redemption and related materials should be directed to Wells Fargo Bank, N.A., at 1-800-468-9716.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 40 hotels and a mezzanine loan secured by two hotels in Santa Monica, CA. The properties are upscale full-service hotels, totaling over 10,600 guest rooms in 13 markets in nine states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale and luxury, full-service hotels located in convention, resort and major urban business 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, Thompson Hotels, 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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