LaSalle Announces Sale Of 7.6 Mln Shares

(RTTNews) - LaSalle Hotel Properties (LHO) Monday announced the sale of 7.6 million 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 1,14 million 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.