LaSalle Hotel Properties Announces the Redemption of 7.5% Series H Cumulative Redeemable Preferred Shares
April 03 2017 - 9:00AM
Business Wire
LaSalle Hotel Properties (NYSE: LHO) today provided notice to
the holders of its 7.5% Series H Cumulative Redeemable Preferred
Shares (the “Series H Preferred Shares”) of the redemption of all
2,750,000 of its issued and outstanding Series H Preferred Shares.
The cash redemption price for the Series H Preferred Shares is
$25.00 per share, plus accrued and unpaid dividends through the
redemption date.
The redemption date will be May 4, 2017. After the redemption
date, dividends on the Series H Preferred Shares will cease to
accrue. Payment of the redemption price will be made only upon
presentation and surrender of certificates representing the Series
H 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 H 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.
About LaSalle Hotel Properties
LaSalle Hotel Properties is a leading multi-operator real estate
investment trust. After the sale of Hotel Triton, the Company will
own 42 hotels. The properties are upscale, full-service hotels,
totaling approximately 10,700 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 redemption of the Series H
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) 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170403005731/en/
LaSalle Hotel PropertiesKenneth G. Fuller or Max D. Leinweber,
301-941-1500
LaSalle (NYSE:LHO)
Historical Stock Chart
From Jun 2024 to Jul 2024
LaSalle (NYSE:LHO)
Historical Stock Chart
From Jul 2023 to Jul 2024