“Our second quarter results were impacted more than we expected by the guestroom renovations at Hotel Roger Williams and Le Montrose and the management transitions at the Donovan House and Hotel Sax,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “Despite that, we are encouraged by the increase in average rate of our portfolio, which grew 5.8 percent for the entire portfolio. In addition, our portfolio delivered significant hotel EBITDA margin growth and achieved our highest-ever reported quarterly hotel EBITDA margin. On the capital markets front, we closed on a very favorable seven-year term loan and have received commitments on a five-year term loan with excellent pricing, which will enable us to reduce the balance on our senior unsecured credit facility.“The trends in our business remain strong and we continue to be optimistic about the outlook for the second half of the year.”
Casa Pool Deck (Photo: LaSalle Hotel Properties)
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