X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETHESDA, MD-LaSalle Hotel Properties is due to be on the receiving end of a nice chunk of cash. The hotel REIT has made a public offering of 2.7 million of the company’s common shares of beneficial interest. As a result, LaSalle will walk away with a net amount of nearly $55.4 million.

UBS Securities is the underwriter on the deal, and reserves the right to acquire as many as 300,000 additional common shares of beneficial interest for the purpose of handling potential over-allotments.

The proceeds of this transaction will be funneled toward the paying down of the balance on a $215 million senior unsecured credit facility facilitated by Bank of Montreal and Fleet National Bank in November 2003. LaSalle last sold common shares of beneficial interest, three million to be exact, on November 10 of last year, just days before it replaced its existing credit facility at the time with the newer $215 million facility. That offering yielded nearly $50 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.