By Paul A. Harris
St. Louis, Aug. 22 - LaSalle Hotel Properties priced a $75 million issue of series D perpetual preferred shares at $25 par, according to a syndicate source.
The shares, which come with five years of call protection, will pay a 7½% dividend.
Price talk was in the 7½% area.
Raymond James ran the books for the off-the-shelf issue. AG Edwards, KeyBank and Harris Nesbitt were the co-managers.
The shares are unrated.
Proceeds will be used to help fund the acquisition of Westin Copley Place in Boston for about $318 million.
The shares will trade on the New York Stock Exchange.
LaSalle Hotel Properties is a multi-tenant, multi-operator real estate investment trust which owns interests in 22 upscale and luxury full-service hotels, totaling about 6,800 guest rooms in 14 markets in 10 states and the District of Columbia. The company has headquarters in Bethesda, Md.
| Issuer: | LaSalle Hotel Properties
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| Amount: | $75 million
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| Security description: | Series D perpetual preferred shares
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| Maturity: | Perpetual
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| Bookrunner: | Raymond James
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| Co-managers: | AG Edwards, KeyBank, Harris Nesbitt
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| Dividend: | 7½%
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| Price: | $25 at par
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| Share number: | 3 million
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| Call protection: | Five years
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| Settlement date: | Aug. 24
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| Price talk: | 7½% area
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| Exchange: | New York Stock Exchange
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