Boston, MA 06/19/2014 (wallstreetpr) – One of the leading players in the real estate and investment trust, LaSalle Hotel Properties (NYSE:LHO) has recently completed its sales assignment. The company has wrapped up its one of the most strategically acquired properties in 2004 in a million dollar deal. On the financial front, it has also made an announcement in the segment of redeemable Preferred Shares section. The company also made announcements related to dividends and share too. The company expects to use the proceeds for supporting its other projects and acquisitions for best results in coming quarters.
Completion of Sales
LHO has recently revelaed that it has successfully wrapped up its long time strategic investment that was made in the year 2004. The company sold the Hilton Alexandria old Town that was acquired by LHO for $59.0 million for $93.4 million. The President and CEO of the LHO, Michael D. Barnello remarked that “The Hilton Alexandria Old Town was a wonderful long term investment for us.” The sale of the long time asset provided an unleveraged IRR of approximately 13.5% over a span of 10 years to the company.
LaSalle Hotel Properties (NYSE:LHO) revealed to use the proceeds from the transaction for reducing the borrowings and debts of the company. Additionally a part of the same would be utilized towards redemption of the preferred shares that are scheduled to close on July 3, 2014. LHO is looking forward to strengthen its credit facility.
Announcement of Redemption Of Shares
LaSalle Hotel Properties (NYSE:LHO) recently announced that it has issued a notice to its holders of its 7.25% Series G proffered shares. The notice enumerates the redemption of approximately 2.3 million of its issued and outstanding Series G shares. The price determined by the company for its shares amounts to $25.00 per coupled with unpaid and accrued dividends through the date of redemption. The scheduled date for redemption is decided as July 3, 2014.
