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BETHESDA, MD-Hospitality establishment REIT LaSalle Hotel Properties has orchestrated a new financial deal just in time for year’s end, and it leaves the company with its ledger clear of maturing debt for the next three years. LaSalle has managed to snag a new $215-million senior unsecured bank facility that provides more appealing terms than its former facility, which was scheduled to mature Dec. 31. Earlier this month, LaSalle cut the size of the pre-existing credit facility by nearly $50 million with the sale of three million common shares of beneficial interest.

Financial institutions Bank of Montreal and Fleet National Bank led the deal, which also included the involvement of LaSalle Bank, Raymond James, Scotia Capital, US Bank, Wachovia and Wells Fargo. “Our bank group continues to show strong support and confidence in our company,” LaSalle CFO Hans Weger explains. “Furthermore, our conservatively managed balance sheet, combined with the enhanced flexibility and capacity provided by the new facility, will position us to capitalize on opportunities in the market.”

While the REIT did not immediately respond to GlobeSt.com inquires regarding specifics of the market opportunities it plans to take advantage of with the funds, its behavior in the third quarter might give a hint of what future investments could be in store. LaSalle’s previous facility allowed for maximum borrowing of as much as $210 million, and the company relied on $24 million of those funds in September to acquire 100% interest in the 139-room Washington, DC boutique property, Hotel George. The resulting funds from the new arrangement will be available Dec. 15.

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