LaSalle Hotel Properties To Sell Hilton Alexandria Old Town For About $93 Mln

(RTTNews) - LaSalle Hotel Properties (LHO) said that it has 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.

The company 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.