LaSalle Hotel Properties divested two hotel properties and is under contract to sell a third hotel, with the proceeds earmarked to redeem the $68.8 million outstanding of its 7.5% series H preferred shares and for general corporate purposes.
The three assets are being off-loaded for combined proceeds of $218.9 million. The sold hotels comprise the Lansdowne Resort in Lansdowne, Va., for $133.0 million and the Alexis Hotel in Seattle for $71.6 million. LaSalle is under contract to sell Hotel Triton in San Francisco for roughly $14.3 million, with the sale expected to close in April.
The company separately said it plans to redeem all 2,750,000 of its issued and outstanding series H preferred shares for a cash redemption price of $25 apiece, plus accrued and unpaid dividends, through the May 4 redemption date.
The transfer agent for the redemption is Wells Fargo Bank NA.