Download 0000892626-03-000340 - Lasalle Hotel Properties

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):
September 24, 2003
---------------------------------------LASALLE HOTEL PROPERTIES
(Exact name of registrant as specified in its charter)
----------------------------------------
Maryland
---------------(State or other
jurisdiction of
incorporation or
organization)
1-14045
----------------(Commission File
Number)
36-4219376
-----------------(IRS Employer
Identification No.)
4800 Montgomery Lane
Suite M25
Bethesda, MD 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)
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ITEM 7.
(c)
FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibits
The following exhibit is included with this Report:
Exhibit 99.1
Press release dated September 24, 2003
issued by LaSalle Hotel Properties.
ITEM 9.
REGULATION FD DISCLOSURE
On September 24, 2003, LaSalle Hotel Properties issued a press release
announcing the public offering of $25.0 million Series B Cumulative
Redeemable Preferred Shares with a fixed distribution rate of 8.375% per
year. A copy of the press release is filed as an exhibit to this report
and is incorporated by reference herein.
NOTE: The information in this report (including the exhibit) is
furnished pursuant to Item 9 and shall not be deemed to be "filed" for the
purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section. This report will not be deemed
an admission as to the materiality of any information contained herein that
is required to be disclosed solely by regulation FD.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
LASALLE HOTEL PROPERTIES
Dated: September 24, 2003
-----------------------------Hans Weger
Executive Vice President,
Treasurer and
Chief Financial Officer
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BY:
/s/ HANS WEGER
EXHIBIT INDEX
-------------
Exhibit
Number
-------
Description
-----------
99.1
Press release dated September 24, 2003 issued by
LaSalle Hotel Properties.
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EXHIBIT 99.1
------------
LaSalle Hotel Properties
4800 Montgomery Lane, Suite M25
Bethesda, MD 20814
Ph. (301) 941-1500
Fax (301) 941-1553
www.lasallehotels.com
--------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
Contact:
Raymond Martz, Vice President of Finance &
Investor Relations--Bethesda +301/941-1516
LASALLE HOTEL PROPERTIES ANNOUNCES PUBLIC OFFERING OF $25.0 MILLION
8.375% SERIES B CUMULATIVE REDEEMABLE PREFERRED SHARES
BETHESDA, MD, SEPTEMBER 24, 2003 -- LaSalle Hotel Properties
(NYSE: LHO) today announced the public offering of $25.0 million Series B
Cumulative Redeemable Preferred Shares with a fixed distribution rate of
8.375% per year. All of the shares are being sold by the Company. The
offering is expected to close on September 30, 2003. The Company expects
to list the shares on the New York Stock Exchange. The net proceeds of the
offering will be used to repay existing indebtedness under the Company's
senior unsecured credit facility.
"This equity issuance was anticipated as part of the recent
acquisition of The Hotel George," said Hans Weger, Chief Financial Officer
of the Company. "We believe this type of equity is an important part of
our capital structure as it strengthens our balance sheet, decreases
interest costs and provides flexibility for future growth opportunities."
Raymond James & Associates, Inc. acted as the sole underwriter for
this transaction. In addition to the 1,000,000 shares offered, the Company
has granted Raymond James & Associates, Inc. an option to purchase up to an
additional 100,000 shares to cover over-allotments, if any. A copy of the
prospectus supplement relating to the shares may be obtained from Raymond
James & Associates, Inc.
LaSalle Hotel Properties is a leading multi-tenant, multi-operator
real estate investment trust, which owns interests in 17 upscale and luxury
full-service hotels, totaling approximately 5,600 guest rooms in 12 markets
in 10 states and the District of Columbia. LaSalle Hotel Properties
focuses 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 Marriott International, Inc., Radisson Hotels
International, Inc., Starwood Hotels & Resorts Worldwide, Inc., Crestline
Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House Hotels &
Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, and the Kimpton
Hotel & Restaurant Group, LLC.
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Certain matters discussed in this press release may be deemed to be forward
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Although LaSalle Hotel Properties believes the
expectations reflected in such forward looking statements are based on
reasonable assumptions, it can give no assurance that its expectations will
be attained. Certain factors that could cause actual results to differ
materially from the Company's expectations are listed in the Company's
Form 10-K for the year ended December 31, 2002 and subsequent SEC reports
and filings. LaSalle Hotel Properties assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.
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ADDITIONAL CONTACTS:
------------------Hans Weger, Chief Financial Officer, LaSalle Hotel Properties 301/941-1516
For additional information or to receive press releases
via e-mail, please visit our website at www.lasallehotels.com
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