LaSalle Hotel Properties has sold 7 million shares to Goldman Sachs in a secondary offering. Goldman Sachs, who served as the sole underwriter of the offering, has paid $193.5 million at $27.65 per share. LaSalle has also awarded the underwriter an option to purchase an additional 1.050 million shares. The proceeds from the share sale are expected to be used to fund all or a portion of the cost of future hotel acquisitions.
Click here for the release from LaSalle Hotel Properties.