LaSalle Hotel Properties (NYSE: LHO) today provided a second
Hurricane Irma impact update regarding its resorts in Key West,
Florida. After both resorts closed on Wednesday, September 6, 2017
to comply with all mandatory evacuations of the island ahead of
Hurricane Irma, the Southernmost Beach Resort has partially
re-opened and The Marker Waterfront Resort remains closed. The
Company has not identified any structural damage at either of its
resorts. While the Company is still assessing the condition of both
properties, it currently believes that the damage is not
significant and is primarily related to water intrusion. The
Company expects both resorts will resume full operations by the end
of October 2017.
The Company is evaluating the financial impact to both resorts
and will provide another update on its third quarter earnings call
on October 20, 2017.
As previously stated, the Company maintains property, flood,
fire, and business interruption insurance at its two resorts in Key
West. For the combined properties, insurance is subject to
deductibles of approximately $5 million in total.
“Our thoughts are with everyone impacted by the very unfortunate
string of natural disasters over the last month,” said Michael D.
Barnello, President and Chief Executive Officer of LaSalle Hotel
Properties. “Regarding Key West, we are proud of the heroic work
the community and the employees at the Southernmost and Marker
resorts have already accomplished by re-opening the island and the
Southernmost Beach Resort for all residents and visitors. The
roads, airport, and Port of Key West are all open and power, water,
and cell service have been restored. Additionally, the Monroe
County Tourist Development Council has reported that visitors can
now return to Key West and the rest of the Florida Keys as
well.”
About LaSalle Hotel Properties
LaSalle Hotel Properties is a leading multi-operator real estate
investment trust. The Company owns 41 properties, which are
upscale, full-service hotels, totaling approximately 10,400 guest
rooms in 11 markets in seven states and the District of Columbia.
The Company focuses on owning, redeveloping and repositioning
upscale, full-service hotels located in urban, resort and
convention markets. LaSalle Hotel Properties seeks to grow through
strategic relationships with premier lodging groups, including
Hilton Hotels Corporation, Marriott International, Outrigger
Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels
Corporation, Benchmark Hospitality, Two Roads Hospitality, Davidson
Hotel Company, Kimpton Hotel & Restaurant Group, LLC, Accor,
HEI Hotels & Resorts, JRK Hotel Group, Inc., Viceroy Hotel
Group, Highgate Hotels, Access Hotels & Resorts, and Provenance
Hotels.
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements, which are based on certain
assumptions and describe the Company's future plans, strategies and
expectations, are generally identifiable by use of the words
“will,” "believe," "expect," "intend," "anticipate," "estimate,"
"project," “may,” “plan,” “seek,” “should,” or similar expressions.
Forward-looking statements in this press release include, among
others, statements about the Company’s two resorts located in Key
West, Florida, including the condition of the properties, the
extent of the damage from Hurricane Irma and the timing of
re-opening and resumption of full operations at the properties. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties and other factors that are,
in some cases, beyond the Company's control and which could
materially affect actual results, performances or achievements.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to, (i) risks
associated with the hotel industry, including competition for
guests and meetings from other hotels and alternative lodging
companies, increases in wages, energy costs and other operating
costs, potential unionization or union disruption, actual or
threatened terrorist attacks, any type of flu or disease-related
pandemic and downturns in general and local economic conditions,
(ii) the availability and terms of financing and capital and the
general volatility of securities markets, (iii) the Company’s
dependence on third-party managers of its hotels, including its
inability to implement strategic business decisions directly, (iv)
risks associated with the real estate industry, including
environmental contamination and costs of complying with the
Americans with Disabilities Act of 1990, as amended, and similar
laws, (v) interest rate increases, (vi) the possible failure of the
Company to maintain its qualification as a REIT and the risk of
changes in laws affecting REITs, (vii) the possibility of uninsured
losses, (viii) risks associated with redevelopment and
repositioning projects, including delays and cost overruns, (ix)
the risk of a material failure, inadequacy, interruption or
security failure of the Company’s or the hotel managers’
information technology networks and systems, and (x) the risk
factors discussed in the Company’s Annual Report on Form 10-K as
updated in its Quarterly Reports. Accordingly, there is no
assurance that the Company's expectations will be realized. Except
as otherwise required by the federal securities laws, the Company
disclaims any obligation or undertaking to publicly release any
updates or revisions to any forward-looking statement contained
herein (or elsewhere) to reflect any change in the Company’s
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
For additional information or to receive press releases via
e-mail, please visit our website at www.lasallehotels.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171006005553/en/
LaSalle Hotel PropertiesKenneth G. Fuller or Max D. Leinweber,
301-941-1500
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