March 1 Lodging real estate investment trust
LaSalle Hotel Properties (LHO.N) said it plans to sell about
5.4 million common shares in a public offering and use part of
the proceeds to repay debt.
The company said net proceeds from the offering would be
used 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.
LaSalle, which earlier in the day said it had acquired the
Sofitel Washington, DC Lafayette Square for $95 million, said
it plans to grant the underwriters an option to purchase up to
an additional 802,500 common shares to cover overallotments.
Raymond James and Deutsche Bank Securities are acting as
joint book-running managers for the offering, the company said
in a statement.
Shares of the company fell 2 percent to $18.74 in extended
trade. They closed at $19.11 Monday on the New York Stock
(Reporting by Abhishek Takle in Bangalore; Editing by Ratul