LaSalle Hotel Properties entered into a definitive contract to sell the Hilton Alexandria Old Town for approximately $93 million. At closing, proceeds from the transaction will be used to reduce borrowings on the Company’s Senior Unsecured Credit Facility.
LaSalle 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.
After the sale of Hilton Alexandria Old Town, the Company will own 45 hotels. The properties are upscale, full-service hotels, totaling approximately 11,300 guestrooms in 14 markets in 10 states and the District of Columbia. The