LaSalle Hotel Properties Announces the Redemption of 7.25% Series G Cumulative Redeemable Preferred Shares
June 03 2014 - 4:00PM
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 all
2,348,888 of its issued and outstanding Series G Preferred 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 July 3, 2014. After the redemption
date, dividends on the Series G Preferred Shares 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. After the sale of the Hilton Alexandria Old Town,
the Company will own 45 hotels. The properties are upscale,
full-service hotels, totaling approximately 11,300 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, 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. Forward-looking statements in
this press release include, among others, statements about the
redemption of the Series G Preferred Shares. 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.
For additional information or to receive press
releases via e-mail, please visit our website at
www.lasallehotels.com
LaSalle Hotel PropertiesBruce A. Riggins or Kenneth G.
Fuller301-941-1500
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