LaSalle Hotel Properties Prices Public Offering

BETHESDA, MD—LaSalle Hotel Properties has priced an underwritten public offering of six million 6.3% Series J cumulative redeemable preferred shares at a price of $25 per share for gross proceeds of $150 million. The offering is expected to close on May 25, subject to customary closing conditions.

Wells Fargo Securities and BofA Merrill Lynch are acting as joint book-running managers for the offering; Citigroup and RBC Capital Markets are acting as senior co-managers; BBVA, PNC Capital Markets LLC, and US Bancorp are acting as co-managers; and Baird, SMBC Nikko, and TD Securities are acting as junior co-managers.

LaSalle intends to use the net proceeds from this offering to reduce amounts outstanding under its senior unsecured credit facility, and for working capital and other general corporate purposes.