LaSalle Hotel Properties Announces Pricing Of Stock Offering

(RTTNews) - LaSalle Hotel Properties (LHO) said Tuesday that the public offering price for the 7.6 million shares previously sold to Barclays, Deutsche Bank Securities and Morgan Stanley as underwriters of the offering, is $40.30 per share.

The company has also granted the underwriters an option to purchase up to 1.14 million additional shares.

The company plans to use the net proceeds of the 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.