LaSalle Hotel Properties Agrees to Sell Hilton Alexandria Old Town in Virginia for $93 Million
June 2, 2014 8:21am
The Company acquired the hotel in May, 2004 for $59 million. The Company expects the transaction to close during June 2014. The transaction is subject to customary closing conditions.
The Company has initiated the process to redeem its $58.7 million, 7.25 percent Series G Preferred Shares. Official notice of redemption will be given at a later time. The redemption is expected to close early July 2014.
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. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words “will,” "believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions. Forward-looking statements in this press release include, among others, statements about the disposition of Hilton Alexandria Old Town and the redemption of the Series G Preferred shares. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) the Company’s dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly, (ii) risks associated with the hotel industry, including competition, increases in wages, energy costs and other operating costs, actual or threatened terrorist attacks, downturns in general and local economic conditions and cancellation of or delays in the completion of anticipated demand generators, (iii) the availability and terms of financing and capital and the general volatility of securities markets, (iv) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws, (v) interest rate increases, (vi) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured losses, (viii) risks associated with redevelopment and repositioning projects, including delays and cost overruns and (ix) the risk factors discussed in the Company’s Annual Report on Form 10-K as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
For additional information or to receive press releases via e-mail, please visit our website at www.lasallehotels.com
Tags: lasalle hotel properties,
hilton alexandria old town
Contact: Bruce A. Riggins or Kenneth G. Fuller
Q3 2017 Financial Reports Round Up Part 1: IHG, AccorHotels, LaSalle
LaSalle Hotel Properties Reports Q1 2017 Net Income of $76.1 Million a 1,168.3% Increase Over 2016
LaSalle Hotel Properties Announces Two Asset Sales; Under Contract to Sell a Third Hotel for a Combined Total of $218.9 Million
LaSalle Hotel Properties Reports Q4 2016 Net Income of $21.3 Million, Down from $23.5 Million in Q4 2015; RevPAR Up 2.5%
LaSalle Hotel Properties Reports Q3 2016 Net Income of $152.1 million Compared to $99.9 million in the Year Ago Quarter
LaSalle Hotel Properties Enters Agreement to Sell the Indianapolis Marriott Downtown to White Lodging & REI Investments for $165 million
LaSalle Hotel Properties Appoints Kenneth G. Fuller Chief Financial Officer
LaSalle Hotel Properties Reports 4th Quarter 2015 Net Income of $23.5M Compared to $22.8M in 2014
LaSalle Hotel Properties Reports 3rd Qtr. 2015 Net Income of $44.4M Compared to $$98.2M in 2014
Newly Rebranded Southernmost Beach Resort is Combination of Four Historic Key West Properties
LaSalle Hotel Properties Acquires the 681-room Westin Market Street in San Francisco for $350 M
LaSalle Hotel Properties Acquires The 150-room Heathman Hotel in Portland, Oregon for $64.3 Million
LaSalle Hotel Properties Enters Contract to Sell Hotel Viking in Newport, Rhode Island for $77M
LaSalle Hotel Properties Reports Q2 2014 Net Income of $85.6M; RevPAR Improved 10.3%
LaSalle Hotel Properties Reports Q1 2014 Net Loss of $8.9M; RevPAR up 4%
LaSalle Hotel Properties Acquires Hotel Vitale In San Francisco For $130.0 Million
LaSalle Hotel Properties Reports Preliminary Q4 2013 & Full Year Results; Qrtly. RevPAR Up 5.2%
LaSalle Hotel Properties Promotes Ian Gaum to Chief Investment Officer
Lasalle Hotel Properties Reports Q3 2013 Net Income of $28.5M; RevPAR growth of 5.1%
San Francisco's 236-room Serrano Hotel Acquired by LaSalle Hotel Properties for $71.5 Million
Please login or register to post a comment.