LaSalle Hotel Properties Names New CEO

BETHESDA, Md. (AP) — LaSalle Hotel Properties said Monday that Chairman and CEO Jon E. Bortz retired and the company promoted its chief operating officer to replace him.

Michael D. Barnello, 44, was named CEO, and lead director Stuart L. Scott, 70, was named acting chairman.

The company said Bortz, 52, stepped down sooner than planned under a previously announced succession plan to "pursue other career opportunities." LaSalle grew from 10 hotels to 31 during Bortz's 11 years.

Barnello, who was also president and a trustee, has been with LaSalle since it went public in 1998.

The company is a real estate investment trust that owns upscale hotels under several chains in 14 markets.

In July, the company reported that profit fell 60 percent from a year ago as the hotel industry combats a slump in travel due to the recession. Quarterly revenue fell to $174.4 million from $201 million a year earlier.

On Monday, the shares fell 45 cents, or 2.5 percent, to $17.57 in afternoon trading.