LaSalle Hotel Properties prices eight million common shares
LaSalle Hotel Properties has priced a public offering of eight million common shares at a price to the public of USD23.70 per share.
All of the shares are being sold by the company.
The company granted the underwriters an option to purchase up to an additional 1,200,000 common shares.
Citigroup and Raymond James are acting as joint book-running managers for the offering, BMO Capital Markets is acting as lead manager, Deutsche Bank Securities, RBC Capital Markets and Wells Fargo Securities are acting as senior co-managers and BB&T Capital Markets, Piper Jaffray, PNC Capital Markets and RBS are acting as co-managers.
The company intends to use the net proceeds of this offering to fund all or a portion of the cost of future hotel acquisitions, including the potential acquisition of a hotel in a major US market in which the company already owns properties, 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, and for general corporate purposes.