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in Boston, Massachusetts for Approximately $318 million |
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 BETHESDA,
Md. - Aug. 16, 2005 -- LaSalle Hotel Properties (NYSE:LHO) today announced
that it signed an agreement to acquire the Westin Copley Place in Boston,
Massachusetts for approximately $318 million before expenses. The acquisition
is expected to close in the third quarter. The Company currently intends
to assume a $210 million first mortgage on the property, issue to one of
the current owners approximately $59 million in preferred units that will
have a coupon rate of 7.25% and fund the balance with proceeds from the
Company's senior unsecured credit facility. The contract to acquire the
Westin Copley Place is subject to certain restructuring events by the current
owners and customary closing requirements and conditions.
The AAA Four Diamond urban full-service hotel has 803 well-appointed guestrooms that feature sweeping views of the city and Westin's signature Heavenly Bed and Heavenly Bath. The Westin Copley Place also contains over 47,000 square feet of meeting and function space. The hotel is located in downtown Boston's Back Bay neighborhood within two blocks of the Hynes Convention Center and less than five miles from Boston's Logan International Airport. LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, which owns interests in 22 upscale and luxury full-service hotels, totaling approximately 6,800 guest rooms in 14 markets in 10 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 internationally recognized 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. |
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| Contact:
LaSalle Hotel Properties
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