LaSalle REIT to offer US$250m in common shares

BETHESDA, MARYLAND LaSalle Hotel Properties plans to offer up to US$250 million in common shares to expand and pay down existing debt. The REIT has not disclosed specific pricing details.

LaSalle already this year has sold 2.6 million common shares through its at-the-market offering program, resulting in net proceeds of approximately US$72.3 million.

LaSalle’s full-year 2010 RevPAR increased 2.5% to US$137.41, as a result of a 1.2% increase in ADR to US$183.16 and a 1.2% percent in occupancy to 75%. The REIT expects RevPAR to increase 5% to 7% this year.

LaSalle holds interests in 34 hotels in nine U.S. states and the District of Columbia.