LaSalle Hotel Properties (LHO) Refinances Debt of $1.05B

LaSalle Hotel PropertiesLHO has made the announcement of refinancing $1.05 billion of debt. This is likely to add to the financial flexibility of the Bethesda, MD-based real estate investment trust ("REIT"). With this refinancing, the company has been able to lower the interest expenses on its $750 million revolving loan and a term loan of $300 million. The REIT has also extended the maturity to Jan 2022.

Subject to the fulfillment of certain conditions, both the revolver and the five-year term loan hold some accordion features which allow for commitment of $1.25 billion for the revolver and $500 million for the term loan. The rate of interest of the new revolver is calculated on the basis of a pricing grid range of 150-225 basis points over London interbank offered rate ("LIBOR"). The rate of interest of the term loan is fixed on the basis of LIBOR plus 145-220 basis points.

LaSalle Hotel Properties is engaged in the acquisition, investment management, finance, development and disposition of hotel properties.

Shares of LaSalle Hotel Properties outperformed the Zacks categorized REIT and Equity Trust - Other industry, over the past one year. During the period, shares of the company grew 39.4%, whereas the industry gained 13.9%. Over the past 30 days, its 2016 estimates rose 0.3% to $2.90 per share.

LaSalle Hotel Properties currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the real estate space include FelCor Lodging Trust Incorporated FCH , The GEO Group, Inc. GEO and Iron Mountain Incorporated IRM . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

FelCor Lodging Trust's 2016 estimates remained unchanged at 89 cents per share, over the past 60 days.

The GEO Group' 2016 estimates have moved up 1% to $2.94 per share, over the past 60 days.

Iron Mountain Incorporated's 2016 estimates have remained unchanged at $1.87 per share, over the 60 days.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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