LaSalle Hotel Properties (LHO) announced that it has priced public offering of 8 million common shares at $23.70 per share. The company also granted the underwriters an option to buy additional 1.2 million common shares.
The company intends to use offering net proceeds to fund all or a portion of the cost of future hotel acquisitions, to reduce amounts undercredit facility and for general corporate purposes.
Citigroup and Raymond James are acting as joint book-running managers. BMO Capital Markets is acting as lead manager, Deutsche Bank Securities, RBC Capital Markets and Wells Fargo Securities are acting as senior co-managers and BB&T Capital Markets, Piper Jaffray, PNC Capital Markets LLC and RBS are acting as co-managers.
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