LaSalle Hotel Properties Announces Public Offering Of 6.375% Series I Cumulative Redeemable Preferred Shares

LaSalle Hotel Properties (NYSE:LHO) today announced that it has priced an underwritten public offering of 4,000,000 6.375% Series I Cumulative Redeemable Preferred Shares at a price of $25.00 per share for gross proceeds of $100 million. The Company granted the underwriters a 30-day option to purchase up to an additional 600,000 Series I Preferred Shares to cover over-allotments, if any. The offering is expected to close on March 4, 2013, subject to customary closing conditions.

Wells Fargo Securities, BofA Merrill Lynch and Citigroup are acting as joint book-running managers for the offering, RBC Capital Markets is acting as lead manager, Barclays, BMO Capital Markets, Deutsche Bank Securities and Raymond James are acting as senior co-managers, and Baird, MLV & Co and US Bancorp are acting as co-managers.

The Company intends to use the net proceeds from this offering for one or more of the following purposes: to redeem a portion of its outstanding Series G Preferred Shares, to reduce amounts outstanding under its senior unsecured credit facility, and for acquisitions, working capital and other general corporate purposes.

A registration statement relating to the securities became effective upon filing with the Securities and Exchange Commission. The offering will be made only by means of a preliminary prospectus supplement and accompanying prospectus forming part of the registration statement. Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and prospectus relating to these securities may be obtained by contacting (a) Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Support, email: [e-mail], or by calling toll-free at 1-800-326-5897; (b) Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 7th Floor, New York, New York 10038, Attn: Prospectus Department; email: [e-mail]; (c) Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 1-800-831-9146; or (d) 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.

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