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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 10, 2006
LASALLE HOTEL PROPERTIES
(Exact name of registrant as specified in its charter)
Maryland
1-14045
36-4219376
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(IRS Employer
Identification No.)
3 Bethesda Metro Center
Suite 1200
Bethesda, Maryland 20814
(Address of principal executive offices)
Registrant’s telephone number, including area code: (301) 941-1500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01. REGULATION FD DISCLOSURE.
On January 10, 2006, LaSalle Hotel Properties issued a press release announcing its outlook for 2006. A copy of such press release is furnished as Exhibit 99.1
to this report.
The information in Item 7.01 of this report, including the information in the press release attached as Exhibit 99.1 to this report, is furnished pursuant to
Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of
that section. Furthermore, the information in Item 7.01 of this report, including the information in the press release attached as Exhibit 99.1 to this report, shall not be
deemed to be incorporated by reference in the filings of the Company under the Securities Act of 1933.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No.
Description
99.1
Press release, dated January 10, 2006, issued by LaSalle Hotel Properties regarding its outlook for 2006.
The information contained in the press release attached as Exhibit 99.1 to this report shall not be deemed “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information contained in the press release attached as Exhibit 99.1 to this
report shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
LASALLE HOTEL PROPERTIES
Dated: January 10, 2006
BY:
/s/ Hans S. Weger
Hans S. Weger
Executive Vice President, Treasurer and
Chief Financial Officer
EXHIBIT INDEX
Exhibit
Number
Description
99.1
Press release, dated January 10, 2006, issued by LaSalle Hotel Properties regarding its outlook for 2006.
Exhibit 99.1
LASALLE HOTEL PROPERTIES PROVIDES 2006 OUTLOOK
RevPAR Expected to Increase 7.5% to 9.5%
BETHESDA, MD, January 10, 2006 — LaSalle Hotel Properties (NYSE: LHO) today provided its outlook for 2006. The Company’s outlook for 2006,
assuming a continually improving economy, travel trends and the impact of the expected Le Parc Suite Hotel acquisition in January 2006, is as follows:
Net Income / (Loss)
FFO
EBITDA
$33.4 million - $37.0 million ($0.92 - $1.02 per diluted share);
$91.3 million - $94.9 million ($2.50 - $2.60 per diluted share/unit); and
$151.5 million - $155.1 million.
This 2006 outlook is based on the following major assumptions:
•
Portfolio RevPAR growth of 7.5 to 9.5 percent over 2005;
•
Portfolio hotel EBITDA margins increasing 100 to 150 basis points over 2005;
•
Corporate general and administrative expenses of approximately $12.0 million;
•
Total capital investments of approximately $70.0 million to $75.0 million, including $21 million related to repositioning of the recently acquired
former Holiday Inn Downtown Hotel on Thomas Circle in Washington, DC;
•
Income tax (benefit) / expense of ($0.5 million) to $1.0 million;
•
Average weighted outstanding debt of approximately $662.0 million (which includes LaSalle’s $14.4 million portion of the joint venture debt related
to the Chicago Marriott); and
•
Average weighted fully diluted shares/units of 36.5 million.
The quarterly summary of the 2006 outlook is as follows:
FFO per Share/Unit
EBITDA (in millions)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
$0.18 - $0.21
$0.86 - $0.89
$0.91 - $0.93
$0.55 - $0.57
$18.6 - $19.7
$49.5 - $50.6
$50.1 - $50.8
$33.3 - $34.0
Full Year 2006
$2.50 - $2.60
$151.5 - $155.1
LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, owning interests in 26 upscale and luxury full-service hotels,
totaling approximately 8,300 guest rooms in 15 markets in 11 states and the District of Columbia. The Company focuses on investing in upscale and luxury full-service
hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier hotel operating companies,
including Westin Hotels and Resorts, Sheraton Hotels & Resorts Worldwide, Inc., Crestline Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House
Hotels & Resorts, Hyatt Hotels Corporation, Hilton Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Sandcastle Resorts & Hotels,
Davidson Hotel Company, and the Kimpton Hotel & Restaurant Group, LLC.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such
forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of
1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions
and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,”
“estimate,” “project” or similar expressions. Forward-looking statements in this press release include, among others, statements about RevPAR, Capex, Margins, and
FFO per Share/Unit, EBITDA, renovations, Net Income, G&A expense, income tax (benefit) / expense, shares/units outstanding and closing of the Le Parc transaction.
You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the
Company’s control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from
current expectations include, but are not limited to, (i) the Company’s dependence on third-party managers of its hotels, including its inability to implement strategic
business decisions directly, (ii) risks associated with the hotel industry, including competition, increases in wages, energy costs and other operating costs, actual or
threatened terrorist attacks, downturns in general and local economic conditions and cancellation of or delays in the completion of anticipated demand generators,
(iii) the availability and terms of financing and capital and the general volatility of securities markets, (iv) risks associated with the real estate industry, including
environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws, (v) interest rate increases, (vi) the possible failure of
the Company to qualify as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured losses, and (viii) the risk factors discussed in the
Company’s Annual Report on Form 10-K. Accordingly, there is no assurance that the Company’s expectations will be realized. Except as otherwise required by the
federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained
herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such
statement is based.
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Additional Contacts:
Hans Weger, Chief Financial Officer, LaSalle Hotel Properties – 301/941-1500
For additional information or to receive press releases via e-mail, please visit our website at
www.lasallehotels.com