UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): June 24, 1998
LASALLE HOTEL PROPERTIES
(Exact name of registrant as specified in its charter)
Maryland 1-14045 36-4219376
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation or
organization)
1401 Eye Street, NW, Suite 900, Washington, D.C. 20005
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code 202/222-2600
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
This Form 8-K is being filed to report additional financial information
regarding the acquisition of the Harborside Hyatt Conference Center & Hotel
in Boston, Massachusetts which was reported in the Form 8-K filed July 9,
1998, and the Form 8-K/A filed September 8, 1998, which this form amends.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 24, 1998, LaSalle Hotel Properties (the "Company") acquired
an interest in the Harborside Hyatt Conference Center & Hotel in Boston
(the "Property") through an indirect subsidiary, LHO Harborside Hotel,
L.L.C. (the "Purchaser"). The Purchaser is a limited liability company
organized under the laws of the state of Delaware, of which LaSalle Hotel
Operating Partnership, L.P. (the "Operating Partnership") is the sole
member.
The Property was acquired from Bird Island Limited Partnership for an
aggregate purchase price of $73.5 million (the "Purchase Price"), including
obligations under $40 million of existing tax exempt industrial revenue
bonds subject to which the property was acquired, pursuant to a Purchase
and Sale Agreement. The tax exempt industrial revenue bonds have an
interest rate of 10 percent, mature in 2026 and may be prepaid as early as
2001. The Property is subject to a long term ground lease from Massport,
Logan International Airport's owner and operating authority. As part of the
purchase, the Purchaser acquired, for no additional consideration, an
existing approximately $1.5 million capital expenditure reserve that can be
used for future capital needs as required and a $4 million deposit securing
quarterly bond payments held by State Street Bank, as trustee.
Hyatt Hotels Corporation will continue to operate the Property as the
Harborside Hyatt Conference Center & Hotel under an existing management
agreement. In order to accommodate the management agreement, the hotel
will be leased, under a participating lease, by LaSalle Hotel Lessee, Inc.,
the common stock of which is owned by the Company (9%), LPI Charities
(45.5%) and a wholly owned subsidiary of LaSalle Partners Incorporated
(45.5%).
On April 30, 1998, the Board of Trustees of the Company, including
all of the Independent Trustees (i.e., the Trustees of the Company who are
neither officers of the Company nor affiliated with the Company),
authorized the Company to purchase an interest in the Property.
The Property, a full-service luxury conference center and airport
hotel, opened in 1993. Located adjacent to Boston's Logan International
Airport along the waterfront, the Property features 19,000 square feet of
meeting space, the Harborside Grill restaurant, the Midships Lounge, a
tented pavilion, an indoor swimming pool, a health club, and dramatic views
of Boston from guest rooms and public spaces. The Property is directly
across the harbor from Boston's central business district and next to the
Ted Williams tunnel, providing convenient access to downtown Boston, the
World Trade Center, the future convention center, and the Massport Water
Shuttle, a ferry service to Rowe's Wharf.
The cash portion of the Purchase Price was funded with proceeds from
a borrowing under the Operating Partnership's $200 million senior unsecured
revolving credit facility from Societe Generale, Southwest Agency, The Bank
of Montreal, Chicago Branch, and the other banks party thereto.
The Company based its determination of the Purchase Price on the
expected cash flow, physical condition, location, competitive advantages
and potential for improved revenues. The Company did not obtain an
independent appraisal of the Property. The Property was operated prior to
the acquisition as an airport hotel and conference center, and the Company
expects to continue to operate it as an airport hotel and conference
center.
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) and (b) Financial Statements of Property Acquired and Pro Forma
Financial Information
The financial statements, listed in the table of contents thereto, of
Bird Island Limited Partnership are included herein. The financial
statements of Harborside Hyatt Conference Center and Hotel were previously
filed on Form 8-K/A dated September 8, 1998. The financial statements of
Bird Island Limited Partnership represents the accounts of Bird Island
Limited Partnership (the previous owner of the Harborside Hyatt Conference
Center and Hotel) including property, building, furniture and equipment,
mortgages payable, depreciation, and interest, which were not previously
reported because certain such information which had been requested from
third parties unaffiliated with the Company had not been provided by such
parties at the time of the filing of the financial statements of the
Harborside Hyatt Conference Center and Hotel. The pro forma financial
information required by Item 7(b) has been filed in conjunction with the
Company's quarterly report on Form 10-Q for the quarterly period ended
June 30, 1998, and therefore, is not provided in this Form 8-K/A.
(c) Exhibits
A list of exhibits is set forth in the Exhibit Index which
immediately precedes the exhibits and which is incorporated by reference
herein.
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Table of Contents
Independent Auditors' Report. . . . . . . . . . . . . . . . 5
Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . 6
Statements of Operations. . . . . . . . . . . . . . . . . . 7
Statements of Changes in Partners' Capital (Deficit). . . . 8
Statements of Cash Flows. . . . . . . . . . . . . . . . . . 9
Notes to Financial Statements . . . . . . . . . . . . . . . 11-15
<PAGE>
Independent Auditors' Report
To the Partners of
Bird Island Limited Partnership:
We have audited the accompanying balance sheet of Bird Island Limited
Partnership (a Massachusetts limited partnership) as of December 31, 1997,
and the related statements of operations, changes in partners' capital
(deficit) and cash flows for the year then ended. These financial
statements are the responsibility of the general partner. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by the general partner, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Bird Island Limited
Partnership as of December 31, 1997, and the results of its operations and
its cash flows for the year then ended, in conformity with generally
accepted accounting principles.
KPMG PEAT MARWICK LLP
Boston, Massachusetts
September 2, 1998
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Balance Sheets
June 23, 1998 (unaudited) and December 31, 1997
ASSETS
1998
(unaudited) 1997
----------- -----------
Current assets:
Cash and cash equivalent (note B) . $ 739,914 492,709
Accounts receivable, less allowance
for doubtful accounts of
$28,002 in 1998 and $32,140
in 1997 . . . . . . . . . . . . . 2,240,108 1,719,558
Inventories and operating supplies. 27,333 22,040
Prepaid expenses. . . . . . . . . . 63,588 95,498
----------- -----------
Total current assets. . . . 3,070,943 2,329,805
Property and equipment (note B):
Building. . . . . . . . . . . . . . 32,444,577 32,444,577
Furniture, fixtures, and equipment. 6,617,745 6,508,252
Land improvements . . . . . . . . . 196,118 196,118
----------- -----------
39,258,440 39,148,947
Less accumulated depreciation . . . (8,913,212) (8,065,768)
----------- -----------
Net property and equipment. 30,345,228 31,083,179
Other assets:
Deferred costs, net of
accumulated amortization
of $74,006 in 1998 and $65,299
in 1997 . . . . . . . . . . . . . 13,060 21,767
Other assets. . . . . . . . . . . . 300,000 300,000
Cash escrow held by Bond Trustee
(notes B and C) . . . . . . . . . 9,006,468 7,638,963
Cash replacement reserve (note B) . 1,631,434 1,242,986
----------- -----------
Total assets. . . . . . . . $44,367,133 42,616,700
=========== ===========
Liabilities and Partners' Capital (Deficit)
Current liabilities:
Accounts payable. . . . . . . . . . $ 127,346 336,150
Accrued expenses. . . . . . . . . . 490,181 139,592
Accrued salaries and wages. . . . . 384,005 476,132
Advance deposits. . . . . . . . . . 112,719 107,694
Due to management company . . . . . 156,071 475,816
Due to Massport (note C). . . . . . 1,208,598 1,138,047
Accrued interest expense. . . . . . 1,255,556 1,333,333
----------- -----------
Total current liabilities . 3,734,476 4,006,764
Bonds payable (note C). . . . . . . . 40,000,000 40,000,000
Partners' capital (deficit) (note E). 632,657 (1,390,064)
----------- -----------
Total liabilities and
partners' capital
(deficit) . . . . . . . . $44,367,133 42,616,700
=========== ===========
See accompanying notes to the financial statements.
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Statements of Operations
For the period January 1, 1998 through June 23, 1998 (unaudited) and
For the year ended December 31, 1997
For the period
January 1, 1998
through
June 23, 1998
(Unaudited) 1997
--------------- -----------
Revenues:
Rooms . . . . . . . . . . . . . . . $ 6,465,591 13,340,373
Food and beverage . . . . . . . . . 3,323,911 6,035,328
Telephone . . . . . . . . . . . . . 276,090 620,314
Other . . . . . . . . . . . . . . . 250,028 505,140
Interest income . . . . . . . . . . 214,248 431,245
Gain on settlement of
litigation (note F) . . . . . . . 1,087,003 --
----------- -----------
Total revenues. . . . . . . 11,616,871 20,932,400
----------- -----------
Operating expenses:
Rooms . . . . . . . . . . . . . . . 1,284,328 2,241,392
Food and beverage . . . . . . . . . 2,446,400 4,161,686
Telephone . . . . . . . . . . . . . 137,719 284,840
Other . . . . . . . . . . . . . . . 18,806 44,888
Administrative and general. . . . . 542,422 1,094,393
Marketing . . . . . . . . . . . . . 576,115 1,843,595
Energy costs. . . . . . . . . . . . 291,661 703,590
Property operations and
maintenance . . . . . . . . . . . 355,411 801,151
Management fee. . . . . . . . . . . 544,761 1,118,107
Ground rent (note D). . . . . . . . 389,663 659,114
Bond interest (note C). . . . . . . 1,933,333 4,000,000
Credit enhancement fees (note C). . 73,616 182,409
Depreciation and amortization . . . 856,151 1,884,215
Loss on sale of marketable
securities. . . . . . . . . . . . -- 78,306
Other . . . . . . . . . . . . . . . 143,764 939,969
----------- -----------
Total operating expenses. . 9,594,150 20,037,655
----------- -----------
Net income. . . . . . . . . $ 2,022,721 894,745
=========== ===========
See accompanying notes to the financial statements.
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Statements of Changes in Partners' Capital (Deficit)
For the period January 1, 1998 through June 23, 1998 (Unaudited) and
For the year ended December 31, 1997
Balance at December 31, 1996. . . . . . . . . . . . . . $ (534,809)
Net income. . . . . . . . . . . . . . . . . . . . . . . 894,745
Distribution to limited partners. . . . . . . . . . . . (1,750,000)
-----------
Balance at December 31, 1997. . . . . . . . . . . . . . (1,390,064)
Net income (unaudited). . . . . . . . . . . . . . . . . 2,022,721
-----------
Balance at June 23, 1998 (unaudited). . . . . . . . . . $ 632,657
===========
See accompanying notes to the financial statements.
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Statements of Cash Flows
For the period January 1, 1998 through June 23, 1998 (unaudited) and
For the year ended December 31, 1997
1998
(unaudited) 1997
----------- -----------
Cash flows from operating activities:
Net income. . . . . . . . . . . . . . . . . $ 2,022,721 1,394,745
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization . . . . . . 856,151 1,884,215
Loss on sale of marketable securities
classified as available for sale. . . . -- 78,306
Provision for doubtful accounts . . . . . (4,138) 6,712
Gain on settlement of litigation. . . . . (1,087,003) --
Changes in operating assets and
liabilities:
Increase in accounts receivable . . . . . (516,412) (760,633)
Increase in inventories and
operating supplies. . . . . . . . . . . (5,293) (5,139)
Increase in due from Bond Trustee . . . . (500,000)
Increase in other assets. . . . . . . . . -- (300,000)
Decrease in prepaid expenses. . . . . . . 37,203 3,031
Increase (decrease) in accounts payable
and accrued expenses. . . . . . . . . . 49,658 (136,820)
Increase (decrease) in advanced deposits. 5,025 (34,157)
Increase (decrease) in due to
management company. . . . . . . . . . . (319,745) 230,273
Increase in due to Massport . . . . . . . 70,551 482,409
Decrease in accrued interest expense. . . (77,777) --
----------- -----------
Net cash provided by
operating activities. . . . . . . 1,030,941 2,342,942
----------- -----------
Cash flows from investing activities:
Proceeds from settlement of litigation. . . 1,087,003 --
Purchases of marketable securities
classified as available for sale
held in cash escrow by bank trustee . . . (4,682,381) (20,316,178)
Sales of marketable securities
classified as available for sale
held in cash escrow by bank trustee . . . 5,735,545 19,762,482
Deposit to cash escrow held by
Bond Trustee. . . . . . . . . . . . . . . (2,420,669) --
Deposits to replacement reserve . . . . . . (393,741) (304,454)
Purchase of furniture, fixtures and
equipment . . . . . . . . . . . . . . . . (109,493) (260,574)
----------- -----------
Net cash used in
investing activities. . . . . . . (783,736) (1,118,724)
----------- -----------
Cash flows from financing activities:
Distribution to limited partners. . . . . . -- (1,750,000)
----------- -----------
Net cash used in
financing activities. . . . . . . -- (1,750,000)
----------- -----------
Net increase (decrease) in cash and
cash equivalents. . . . . . . . . . . . . . 247,205 (525,782)
Cash and cash equivalents,
beginning of year . . . . . . . . . . . . . 492,709 1,018,491
----------- -----------
Cash and cash equivalents, end of year. . . . $ 739,914 492,709
=========== ===========
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Statements of Cash Flows - Continued
1998
(unaudited) 1997
----------- -----------
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest. . . . . . . . . . . . . . . . . $ 2,000,000 4,000,000
=========== ===========
See accompanying notes to the financial statements.
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Notes to Financial Statements
For the period January 1, 1998 through June 23, 1998 (unaudited) and
For the year ended December 31, 1997
A. ORGANIZATION
Bird Island Limited Partnership (the "Partnership") was organized on
April 26, 1993 by Eastrich No. 117 Corporation ("Eastrich"), as a general
partner and Bankers Trust Company, not personally but as trustees of the
General Motors Hourly Rate Employees Pension Trust and the General Motors
Retirement Program for Salaried Employees Trust, hereinafter referred to as
the limited partners. The Partnership was organized to take title, to
operate, to transfer, or to otherwise dispose of the hotel and conference
center known as the Logan Harborside Hyatt Conference Center and Hotel (the
"Hotel"). The Partnership shall terminate on December 31, 2023 unless
sooner dissolved upon the direction and consent of the partners.
B. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF FINANCIAL STATEMENT PRESENTATION
The Partnership's financial statements have been prepared in
accordance with generally accepted accounting principles.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of highly liquid assets with
maturities of three months or less from the date of purchase.
RISKS AND UNCERTAINTIES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amount of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
INVENTORIES AND OPERATING SUPPLIES
Inventories and operating supplies consisting primarily of food and
beverage are stated at the lower of costs or market. Cost is determined
generally by the first-in, first-out method.
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Notes to Financial Statements, Continued
OTHER ASSETS
CASH ESCROW HELD BY BOND TRUSTEE
Under the loan and trust agreement with the Massachusetts Port
Authority ("Massport"), unused bond proceeds are to be held in trust in
specific funds. These funds include marketable debt and equity securities
invested in money market fund interests issued by a registered investment
company and interests issued by agencies of and by the U.S. Government.
These unused proceeds are used to satisfy obligations incurred under the
loan and trust agreement with Massport and to satisfy other obligation
under long-term arrangements. These securities are considered to be held
for noncurrent uses and are classified as long-term assets and potentially
subject the Partnership to a concentration of credit risk.
REPLACEMENT RESERVE
In accordance with the terms of the Management Agreement dated
March 15, 1990 as amended, between the Hyatt Corporation and the
Partnership, a fund restricted for the replacement of and additions to
furniture, fixtures and equipment has been established and consists of an
interest-bearing account. These amounts have been classified as long-term
assets because such amounts are to be used for capital spending over a
period longer than one year.
PROPERTY AND EQUIPMENT
Property and equipment are stated at cost. Depreciation is computed
using the straight-line method for building and land improvements. The
double declining balance method is used for furniture, fixtures, and
equipment. The estimated useful lives of the assets are as follows:
Estimated Useful
Lives (Years)
----------------
Building 26 years,
the initial ground
lease period
Furniture, fixtures
and equipment 7 years
Land improvements 15 years
DEFERRED COSTS
Legal fees and other costs incurred with the transfer of the Hotel's
related assets and liabilities to the Partnership are being amortized using
the straight-line method over five years.
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Notes to Financial Statements, Continued
INCOME TAXES
No provision for federal or state income taxes has been recorded in
the Partnership's financial statements because the results of its
operations are includable in the federal and state income tax returns of
the partners.
C. BONDS PAYABLE
The Partnership assumed the obligation and terms of the loan and
trust agreement with The Massachusetts Port Authority, dated December 15,
1990, as amended (the "Agreement") for previously issued $40,000,000
principal amount of special project revenue bonds. The bonds are
collateralized by the leasehold improvements and bear interest at 10% per
annum through March 1, 2026 (date of maturity). Interest payments are due
semiannually on March 1 and September 1. The bonds shall be redeemed in
part commencing March 1, 2001. The remaining balance of the bonds shall be
redeemed annually until March 1, 2026, at which time the remaining
principal and any accrued interest thereon is due in full. The fair value
of these bonds at December 31, 1997 is approximately $44,300,000.
Aggregate scheduled principal payments due under the terms of the
bonds during the next five years and thereafter are as follows:
Year ending Principal
December 31, Amount
------------ ------------
1998 $ --
1999 --
2000 --
2001 400,000
2002 400,000
Thereafter 39,200,000
-----------
$40,000,000
===========
The bonds may be redeemed beginning on or after March 1, 2001, in
total, or in increments of $100,000. The redemption price is as follows:
Redemption Period Redemption Price
----------------- ----------------
March 1, 2001 through February 28, 2002 102% of par value
March 1, 2002 through February 28, 2003 101% of par value
March 1, 2003 and thereafter 100% of par value
In addition, the Agreement stipulated that unused bond proceeds be
held in trust in specific funds; these amounts are classified as "Cash
Escrow Held by Bond Trustee." The cost basis of these funds at June 23,
1998 and December 31, 1997 are as follows:
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Notes to Financial Statements, Continued
1998
TYPE OF FUND (unaudited) 1997
------------ ----------- ----------
Debt service reserve fund . . . . $4,000,000 4,069,111
Equity reserve fund . . . . . . . 1,203,161 908,386
Construction and operating
contingency fund. . . . . . . . -- 424
Bond fund . . . . . . . . . . . . 1,255,555 1,398,475
Revenue fund. . . . . . . . . . . 114,707 1,250,191
Partnership account . . . . . . . 2,433,045 12,376
---------- ----------
$9,006,468 7,638,963
========== ==========
At June 23, 1998 and December 31, 1997, $6,573,423 (unaudited) and
$7,626,587, respectively, of the funds indicated above are invested in
marketable securities available for sale for which cost approximates fair
value.
In addition, the Agreement was supplemented by a Credit Enhancement
Agreement (the "Credit Agreement") between the previous owner and Massport
which was included in the net assets and contractual obligations
transferred to the Partnership. Certain funds have been set aside by
Massport to provide additional deficit funding if the amounts classified as
"Cash Escrow Held by Bond Trustee" are not sufficient to cover the debt
service on the outstanding bonds. At June 23, 1998 and December 31, 1997,
the fair value of such funds were $8,951,866 (unaudited) and $9,363,923,
respectively. In consideration for the Credit Agreement, the Partnership
pays an enhancement fee equal to $150,000 per year, payable on March 1 and
September 1 and bears interest at 8% per year. Enhancement fees and
related interest for the year ended December 31, 1997 totaled $182,409.
Under the terms of the agreement, these fees have been placed into the
equity reserve fund held by the Bond Trustee and are recorded as Due to
Massport on the balance sheets.
D. GROUND LEASE
The Partnership is obligated under an operating lease for the rental
of land on which the Hotel is situated. The term of the ground lease is
for an initial period expiring in 2021, with renewal options, subject to
certain conditions, which may extend the term to not later than 2077. The
ground lease provides for rental payments consisting of base rent, as
defined, of $347,760 per year, contingent rent based currently upon 1% of
gross revenues, as defined, and additional contingent rent of 5% of the
excess of current year over base year gross revenue until December 31,
2005. The base year revenue amount was established in 1996 at $18,374,307.
The additional contingent rent, as defined, increases to 6.25% of the
excess amount during lease years 2006 through 2020 and 7% of excess amount
for the lease year 2021.
E. PARTNERSHIP ALLOCATIONS
Under the terms of the partnership agreement, profits and losses from
operations are allocated 49-1/2% to each of the limited partners and 1% to
the general partner.
<PAGE>
BIRD ISLAND LIMITED PARTNERSHIP
Notes to Financial Statements, Concluded
Distributions of available cash to the partners, if any, are governed
by the partnership agreement and are first allocated to the partners in
payment of any partnership loan or advance made to it by them.
Distributions, thereafter, are made on the basis of allocations of profits
and losses described above. In the event of other certain occurrences
described in the partnership agreement, for example, a sale of assets of
the Partnership, the allocation for the distribution of available cash to
the partners would be different than described above.
F. GAIN ON SETTLEMENT OF LITIGATION
In 1991, a land parcel adjoining the leasehold interest on which the
Hotel is located was taken by eminent domain from the predecessor owner of
the leasehold interest by the Massachusetts Highway Department. The
predecessor owner of the leasehold interest disputed the department's
estimate of the land value and commenced legal action against the
department to recover additional funds. In 1993, the Partnership assumed
the predecessor owner rights to any additional funds from this litigation.
In 1998, the Partnership recognized a gain on settlement of this litigation
equal to the final settlement amount collected from the Massachusetts
Highway Department for this land taking.
G. SUBSEQUENT EVENT
On June 24, 1998, the Partnership sold the Hotel for $73.5 million
including obligations under the Bonds Payable as well as approximately $1.5
million held in the cash replacement reserve and $4 million held in the
debt service reserve fund by the Bond Trustee to a wholly owned affiliate
of LaSalle Hotel Operating Partnership, L.P.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
LASALLE HOTEL PROPERTIES
Date: September 11, 1998 By: /S/ JON E. BORTZ
Jon E. Bortz
President and
Chief Executive Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
Exhibit 2.1* Purchase and Sale Agreement, dated as of June 16,
1998, by and between Bird Island Limited Partnership and LaSalle Hotel
Operating Partnership, L.P.
* Previously filed.
