BETHESDA, MD LaSalle Hotel Properties, a REIT which serves as the exclusive vehicle for Jones Lang LaSalles hotel investment activities in the United States, announced that it had renewed and extended its bank credit facility through December 31, 2003.
The facility was reduced $35 million to a total of $200 million based on anticipated usage, and the floating rate pricing grid increased by 37.5 basis points. All other terms remained essentially the same.
Societe Generale, Bank of Montreal and Deutsche Bank Alex.Brown led the syndication of the facility, which was oversubscribed.
“We are pleased that the facility has been extended as it provides us the flexibility to continue to meet our mission of investing in upscale and luxury, full-service hotels, while providing a reliable stream of income to our shareholders,” said Hans Weger, CFO for LaSalle Hotel Properties.
LaSalle Hotel Properties currently owns 13 upscale and luxury full-service hotels with approximately 5,300 guestrooms. (11/14/00)