EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
Contact: Raymond Martz, Director of Finance/Investor Relations
--Bethesda +301/941-1516
LASALLE HOTEL PROPERTIES EXTENDS BANK CREDIT FACILITY
BETHESDA, MD, NOVEMBER 14, 2000 -- LaSalle Hotel Properties
(NYSE: LHO) today 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.
Additionally, 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, Chief Financial Officer for LaSalle
Hotel Properties. "Also, reducing the overall size of the line at this
time will result in annual savings for the Company as unused credit fees
will decrease."
LaSalle Hotel Properties is a leading multi-tenant, multi-operator
real estate investment trust which owns 13 upscale and luxury full-service
hotels, totaling approximately 5,300 guest rooms in 13 markets in 11
states. LaSalle Hotel Properties is focused on investing in upscale and
luxury full-service hotels located in urban, resort and convention markets.
The Company seeks to grow through strategic relationships with premier
internationally recognized hotel operating companies including Le Meridien
Hotels & Resorts, Marriott International, Inc., Radisson Hotels
International, Inc., Crestline Hotels and Resorts, Inc., Outrigger Lodging
Services, Noble House Hotels & Resorts and Hyatt Hotels Corporation.
The REIT serves as the exclusive vehicle for Jones Lang LaSalle's
hotel investment activities in the United States. Jones Lang LaSalle
(NYSE: JLL) is the world's leading real estate services and investment
management firm with more than $21.5 billion of assets under management and
operating across more than 100 key markets on five continents.
Statements in this press release regarding, among other things,
future financial results and performance, achievements, plans and
objectives may be considered forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements
involve known and unknown risks, uncertainties and other factors which may
cause actual results, performance, achievements, plans and objectives of
the Company to be materially different from those expressed or implied by
such forward-looking statements. Factors that could cause actual results to
differ materially include those discussed under "Business", "Management's
Discussion and Analysis of Financial Condition and Results of Operations",
"Quantitative and Qualitative Disclosure About Market Risk" and elsewhere
in the Company's annual report on Form 10-K for the year ended December 31,
<PAGE>
LASALLE HOTEL PROPERTIES EXTENDS BANK CREDIT FACILITY -- Add one
1999, under "Management's Discussion and Analysis of Financial Condition
and Results of Operations", "Quantitative and Qualitative Disclosure About
Market Risk", and elsewhere in the Company's quarterly report(s) on Form
10-Q for the quarters ended March 31, 2000, June 30, 2000, and September
30, 2000, under "Certain Relationships and Related Transactions" in the
Company's proxy statement with respect to the annual meeting of
shareholders on May 17, 2000, under "Risk Factors" and elsewhere in the
Company's Registration Statement (333-77371) and in other periodic reports
filed with the Securities and Exchange Commission. Statements speak only
as of the date of this release. The Company expressly disclaims any
obligation or undertaking to update or revise any forward-looking
statements contained herein to reflect any change in Company expectations
or results, or any change in events.
CONTACTS:
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Hans Weger, Chief Financial Officer, LaSalle Hotel Properties
--+301/941-1516
For additional information, please visit LHO's web site
at www.lasallehotels.com
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