LaSalle Hotel Properties Announces Sale of 7.6M Common Shares

LaSalle Hotel Properties LHO today announced the sale of 7,600,000 common shares to Barclays, Deutsche Bank Securities and Morgan Stanley 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 1,140,000 additional shares. The Company intends to use the net proceeds of this offering to fund all or a portion of the cost of future expected hotel acquisitions, including, specifically, the acquisition of each of three hotel properties located in Los Angeles, California, Portland, Oregon and San Francisco, California for an aggregate purchase price of approximately $500 million. Pending such use, a portion of the net proceeds will be used to reduce amounts outstanding under the Company's $750 million senior unsecured credit facility and for general corporate purposes. Barclays, Deutsche Bank Securities and Morgan Stanley 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) Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: Barclaysprospectus@broadridge.com, Telephone, (888) 603-5847, (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, (c) Morgan Stanley & Co. LLC, c/o Morgan Stanley Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or (d) 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.