LaSalle Hotel Properties Announces Sale of 6,700,000 Common Shares
October 21 2013 - 4:01PM
Business Wire
LaSalle Hotel Properties (NYSE:LHO) today announced the sale of
6,700,000 common shares to Citigroup and Deutsche Bank Securities
as underwriters in an underwritten public offering pursuant to its
effective shelf registration statement previously filed with the
Securities and Exchange Commission. The Company has also granted
the underwriters an option to purchase up to 1,005,000 additional
shares.
The Company intends to use the net proceeds of this offering to
reduce amounts outstanding under the Company’s senior unsecured
credit facility.
Citigroup and Deutsche Bank Securities are acting as the
underwriters for the offering. A copy of the 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, New York 11717, Tel:
800-831-9146, (b) Deutsche Bank Securities Inc., 60 Wall
Street, New York, New York 10005, Attention: Prospectus Group,
Telephone (800) 503-4611 or email at prospectus.cpdg@db.com, 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 the prospectus and related prospectus supplement.
LaSalle Hotel Properties is a leading multi-operator real estate
investment trust. The Company owns 45 hotels and a mezzanine loan
secured by two hotels in Santa Monica, CA. The properties are
upscale, full-service hotels, totaling approximately 11,400 guest
rooms in 14 markets in 10 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 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, Commune Hotels and Resorts, 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, contain 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. Forward-looking statements in
this press release include, among others, statements about the
terms and size of the offering and the use of proceeds from the
offering. 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) 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 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.
LaSalle Hotel PropertiesBruce Riggins or Kenneth
Fuller301-941-1500
LaSalle (NYSE:LHO)
Historical Stock Chart
From Jun 2024 to Jul 2024
LaSalle (NYSE:LHO)
Historical Stock Chart
From Jul 2023 to Jul 2024