LaSalle Hotel Properties Announces the Partial Redemption of 7.25% Series G Cumulative Redeemable Preferred Shares
March 06 2013 - 4:01PM
Business Wire
LaSalle Hotel Properties (NYSE:LHO) today provided notice to the
holders of its 7.25% Series G Cumulative Redeemable Preferred
Shares (the “Series G Preferred Shares”) of the redemption of
4,000,000 of the 6,348,888 issued and outstanding Series G
Preferred Shares, representing approximately 63% of the outstanding
shares. The cash redemption price for the Series G Preferred Shares
is $25.00 per share, plus accrued and unpaid dividends through the
redemption date.
The redemption date will be April 5, 2013. Redemptions will be
on a pro rata basis (as nearly as practicable without creating
fractional shares). All Series G Preferred Shares are held through
the Depositary Trust Company (DTC), and the shares called for
redemption will be chosen and redeemed according to DTC’s
procedures.
After the redemption date, dividends on the Series G Preferred
Shares called for redemption will cease to accrue. Payment of the
redemption price will be made only upon presentation and surrender
of certificates representing the Series G Preferred Shares to Wells
Fargo Bank, N.A., the Company’s transfer agent, during its normal
business hours at the address specified in the Notice of
Redemption.
The Notice of Redemption and related materials were mailed today
to holders of record of the Series G Preferred Shares. Questions
relating to the Notice of Redemption and related materials should
be directed to Wells Fargo Bank, N.A., at 1-800-468-9716.
LaSalle Hotel Properties is a leading multi-operator real estate
investment trust. The Company owns 40 hotels and a mezzanine loan
secured by two hotels in Santa Monica, CA. The properties are
upscale full-service hotels, totaling over 10,600 guest rooms in 13
markets in nine states and the District of Columbia. The Company
focuses on owning, redeveloping and repositioning upscale and
luxury, full-service hotels located in convention, resort and major
urban business 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.
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” or similar expressions. 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. Forward-looking
statements in this press release include statements about the
redemption of the Series G Preferred Shares. Factors that may cause
actual results to differ materially from current expectations
include, but are not limited to, (i) the Company’s dependence on
third-party managers of its hotels, including its inability to
implement strategic business decisions directly, (ii) risks
associated with the hotel industry, including competition,
increases in wages, energy costs and other operating costs, actual
or threatened terrorist attacks, downturns in general and local
economic conditions and cancellation of or delays in the completion
of anticipated demand generators, (iii) the availability and terms
of financing and capital and the general volatility of securities
markets, (iv) risks associated with the real estate industry,
including environmental contamination and costs of complying with
the Americans with Disabilities Act and similar laws, (v) interest
rate increases, (vi) the possible failure of the Company to qualify
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 and (ix) the risk factors discussed in the Company’s
Annual Report on Form 10-K. 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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