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LaSalle Hotel Properties Provides Update To Outlook Due To Impact From Hurricane Sandy

LaSalle Hotel Properties (NYSE:LHO) today provided an update to its 2012 outlook due to the impact from Hurricane Sandy. The Company’s revised financial expectations for 2012 are as follows:

               

Previous Outlook

Current Outlook

Low-end

   

High-end

Low-end

   

High-end

($'s in millions except per share/unit data)
 
RevPAR growth 4.5% 4.8% 4.0% 4.3%
Hotel EBITDA Margins 32.3% 32.5% 31.9% 32.1%
Hotel EBITDA Margin Change

 

125 bps

 

150 bps

 

85 bps

 

110 bps

Adjusted EBITDA $ 263.5 $ 265.5 $ 259.0 $ 261.0
Adjusted FFO $ 179.3 $ 180.3 $ 175.3 $ 176.3
Adjusted FFO per diluted share/unit $ 2.09 $ 2.10 $ 2.04 $ 2.05
 

“We are fortunate that our hotel teams reported no injuries or physical damage as a result of Hurricane Sandy,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “While we are providing this update to our outlook due to the business impact from the storm, we are still working to determine our ability to recover any lost income through our insurance policy.”

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