LaSalle Hotel Properties (NYSE:LHO) today announced that it plans to sell 7,000,000 common shares in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission.
The Company also plans to grant the underwriters an option to purchase up to an additional 1,050,000 common shares.
Citigroup and Raymond James are acting as joint book-running managers for the offering and BMO Capital Markets is acting as lead manager.
The Company intends to use the net proceeds of this offering to fund all or a portion of the cost of future hotel acquisitions, including the potential acquisition of a hotel in a major U.S. market in which the Company already owns properties, to reduce amounts outstanding under its senior unsecured credit facility and under the unsecured credit facility of the Company’s taxable REIT subsidiary, LaSalle Hotel Lessee, Inc., and for general corporate purposes.A copy of the preliminary prospectus supplement and prospectus relating to these securities may be obtained by contacting (a) Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 1-800-831-9146; (b) Raymond James, 880 Carillon Parkway, St. Petersburg, FL 33716, by emailing email@example.com, or by calling toll-free at 1-800-248-8863; or (c) the Internet site of the Securities and Exchange Commission at http://www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement. LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 39 hotels. The hotels are upscale full-service hotels, totaling over 10,300 guest rooms in nine states and the District of Columbia. The Company focuses on owning, redeveloping and leasing upscale full-service hotels located in urban, resort and convention 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.