LaSalle Hotel greenshoe exercised, ups 6.375% preferreds to $110 million

By Tali David

Minneapolis, March 12 - Underwriters for LaSalle Hotel Properties' 6.375% series I cumulative redeemable preferred share offering partially exercised their over-allotment option, adding an additional $10 million, or 400,000 shares, according to a press release.

The company priced $100 million, or 4 million shares, of the preferreds on Feb. 27.

As previously reported, Wells Fargo Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are the joint bookrunners.

The Bethesda, Md.-based real estate investment trust will use the proceeds from the offering for one or more purposes, including the redemption of its series G preferred shares, to reduce amounts outstanding under a senior unsecured credit facility and/or for future acquisition, working capital and general corporate purposes.

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