LaSalle Hotel Properties Announces Sale of 7,000,000 Common Shares to Goldman (LHO, GS)

LaSalle Hotel Properties LHO today announced the sale of 7,000,000 common shares to Goldman, Sachs & Co. as sole underwriter 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 underwriter an option to purchase up to 1,050,000 additional shares. The Company intends to use the net proceeds of this offering to fund all or a portion of the cost of future hotel acquisitions, including the potential acquisition of a hotel property located in a major U.S. market in which the Company already owns properties. Pending such use, a portion of the net proceeds will be used to pay down amounts outstanding under the Company's senior unsecured credit facility and under the unsecured credit facility of the Company's taxable REIT subsidiary, LaSalle Hotel Lessee, Inc., and for general corporate purposes.