LaSalle Hotel (LHO) Prices 10M Shares at $14.75

June 10, 2009 9:06 AM EDT

LaSalle Hotel Properties (NYSE: LHO) today announced that it has priced a public offering of 10,000,000 common shares at a price of $14.75 per share. All of the shares are being offered by the Company.

Raymond James, Morgan Stanley, and Wachovia Securities are acting as joint book-running managers for the offering. Robert W. Baird & Co., Deutsche Bank Securities, and Stifel Nicolaus are acting as senior co-managers. BB&T Capital Markets, Janney Montgomery Scott and Oppenheimer & Co. are acting as co-managers. The underwriters have been granted a 30-day option to purchase up to 1,500,000 additional common shares to cover overallotments if any.

The Company intends to use the net proceeds of this offering, which are expected to be approximately $141.1 million (without giving effect to the exercise of the underwriters' overallotment option), to reduce amounts outstanding under its 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. The Company may use these unsecured credit facilities in the future to repay other outstanding debt, to retire some or all of a series of outstanding preferred shares, to repurchase equity, to fund its development activity and property acquisitions, and for working capital and other general corporate purposes.

Related Categories

Equity Offerings

Stocks Mentioned

Related Entities

• Stifel Nicolaus
• Deutsche Bank
• Raymond James
• Morgan Stanley
• Wachovia
• Robert W Baird
• Janney Montgomery Scott
• BB&T Capital Markets

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