LaSalle Hotel Properties exchanges 7.25% series G preferreds for 7.25% series C preferreds

By Jennifer Chiou

New York, April 17 - LaSalle Hotel Properties announced that it issued an equal number of 7.25% series G cumulative redeemable preferred shares of beneficial interest in a private transaction in exchange for SCG Hotel DLP, LP's 7.25% series C cumulative preferreds.

The series G preferreds have a liquidation preference of $25 per share.

In connection with the exchange, the company filed articles supplementary with the Maryland State Department of Assessments and Taxation increasing the number of preferred shares designated as 7.25% series G preferreds.

In August 2005, LaSalle acquired the Westin Copley Place in Boston and, as part of the acquisition, the company's operating partnership, LaSalle Hotel Operating Partnership, LP issued 2,348,888 of 7.25% series C cumulative redeemable preferred units. The preferred units were redeemable for 7.25% series C cumulative preferreds on a one-for-one basis.

As previously disclosed, on Feb. 1, each preferred unit was redeemed and the company issued 2,348,888 of the 7.25% series C cumulative preferreds.

LaSalle is a Bethesda, Md.-based multi-operator real estate investment trust that owns upscale and luxury full-service hotels.

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