BETHESDA, Md., Nov. 14 /PRNewswire/ -- LaSalle Hotel Properties
(NYSE: LHO) today announced that it had renewed and extended its bank credit
facility through December 31, 2003. The facility was reduced $35 million to a
total of $200 million based on anticipated usage. Additionally, the floating
rate pricing grid increased by 37.5 basis points. All other terms remained
essentially the same. Societe Generale, Bank of Montreal and Deutsche Bank
Alex.Brown led the syndication of the facility, which was oversubscribed.
We are pleased that the facility has been extended as it provides us the
flexibility to continue to meet our mission of investing in upscale and luxury
full-service hotels while providing a reliable stream of income to our
shareholders, said Hans Weger, Chief Financial Officer for LaSalle Hotel
Properties. Also, reducing the overall size of the line at this time will
result in annual savings for the Company as unused credit fees will decrease.
LaSalle Hotel Properties is a leading multi-tenant, multi-operator real
estate investment trust which owns 13 upscale and luxury full-service hotels,
totaling approximately 5,300 guest rooms in 13 markets in 11 states. LaSalle
Hotel Properties is focused on investing in upscale and luxury full-service
hotels located in urban, resort and convention markets. The Company seeks to
grow through strategic relationships with premier internationally recognized
hotel operating companies including Le Meridien Hotels & Resorts, Marriott
International, Inc., Radisson Hotels International, Inc., Crestline Hotels and
Resorts, Inc., Outrigger Lodging Services, Noble House Hotels & Resorts and
Hyatt Hotels Corporation.
The REIT serves as the exclusive vehicle for Jones Lang LaSalle's hotel
investment activities in the United States. Jones Lang LaSalle (NYSE: JLL) is
the world's leading real estate services and investment management firm with
more than $21.5 billion of assets under management and operating across more
than 100 key markets on five continents.
Statements in this press release regarding, among other things, future
financial results and performance, achievements, plans and objectives may be
considered forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve known and
unknown risks, uncertainties and other factors which may cause actual results,
performance, achievements, plans and objectives of the Company to be
materially different from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ materially
include those discussed under Business, Management's Discussion and
Analysis of Financial Condition and Results of Operations, Quantitative and
Qualitative Disclosure About Market Risk and elsewhere in the Company's
annual report on Form 10-K for the year ended December 31, 1999, under
Management's Discussion and Analysis of Financial Condition and Results of
Operations, Quantitative and Qualitative Disclosure About Market Risk, and
elsewhere in the Company's quarterly report(s) on Form 10-Q for the quarters
ended March 31, 2000, June 30, 2000, and September 30, 2000, under Certain
Relationships and Related Transactions in the Company's proxy statement with
respect to the annual meeting of shareholders on May 17, 2000, under Risk
Factors and elsewhere in the Company's Registration Statement (333-77371) and
in other periodic reports filed with the Securities and Exchange Commission.
Statements speak only as of the date of this release. The Company expressly
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect any change in Company
expectations or results, or any change in events.
For additional information, please visit LHO's web site at
www.lasallehotels.com .
SOURCE LaSalle Hotel Properties
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