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LaSalle Hotel Properties Acquires Three Hotels

Business Wire
LaSalle Hotel Properties Acquires Three Hotels - LaSalle Hotel - hotels - United States

BETHESDA, Md., Sep 01, 2010 (BUSINESS WIRE) -- LaSalle Hotel Properties (LHO 22.75, 0.00, 0.00%) today announced that in three separate transactions it acquired the Hotel Monaco San Francisco for $68.5 million, the Westin Philadelphia for $145.0 million and the Embassy Suites Philadelphia -- Center City for $79.0 million.

Additionally, the Company sold the Seaview Resort for $20.0 million. The Company funded the acquisitions with borrowings under its senior unsecured credit facility and from available cash, including cash from operations, the sale of Seaview and approximately $75.0 million in net proceeds from prior issuances of common shares under the Company's at-the-market offering program. The Company expects to recognize total transaction expenses of approximately $1.0 million in the third quarter.


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