Hotel REIT Prices $107.5 million Stock Offering

LaSalle Hotel Properties, a real estate investment trust based in Bethesda, Md., has priced a public offering of 10.75 million common shares at a price of $10.10 per share. Merrill Lynch & Co. is acting as sole book-running manager for the offering. Raymond James, Wachovia Securities and BMO Capital Markets are acting as co-lead managers. The underwriters have been granted a 30-day option to purchase up to over 1.6 million additional common shares to cover over-allotments if any. LaSalle intends to use the $103.8 million net proceeds of this offering to reduce amounts outstanding under its senior unsecured credit facility and under the unsecured credit facility of its taxable REIT subsidiary, LaSalle Hotel Lessee Inc., and for general corporate purposes.