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Beachside Resort, Key West, Florida for $17.2 million |
| BETHESDA, Md. - July 25, 2003 -- LaSalle Hotel
Properties (NYSE: LHO) today announced the sale of the Holiday Inn Beachside
Resort, located in Key West, Florida for $17.2 million. The net proceeds
of approximately $16.5 million were comprised of $11.4 million of debt
assumed by the buyer plus $5.1 million of cash. The cash received will
be used to reduce the Company's outstanding borrowings under its existing
$210.0 million line of credit facility.
The 222 room hotel was sold for its approximate book value as of the end of the second quarter 2003. The sales price is approximately 13 times historical property level EBITDA. In conjunction with the sale of the Key West property and the assumption of debt by the purchaser, the Company will recognize a $0.3 million non-cash expense in the third quarter relating to the early disposition of debt associated with the hotel. LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, which owns interests in 16 upscale and luxury full-service hotels, totaling approximately 5,400 guest rooms in 12 markets in 10 states and the District of Columbia. Certain matters discussed in this press release may be deemed to be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. |
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LaSalle Hotel Properties Bethesda Hans Weger Chief Financial Officer 301/941-1500 www.lasallehotels.com |