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LaSalle Hotel (LHO) to Sell Assets Worth $218.9 Million

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LaSalle Hotel Properties announced that it has divested two hotel assets and is under contract to sell another hotel asset. By selling these three hotels, in total, the Bethesda, MD-based real estate investment trust (REIT) will generate proceeds of $218.9 million. The company intends to utilize the sale proceeds for redemption of shares as well as for general corporate purposes.

Lasalle Hotel Properties is engaged in the acquisition, investment management, finance, development and disposition of hotel properties. The company sold Lansdowne Resort and Alexis Hotel for $133 million and $71.6 million, respectively. The sale of Hotel Triton is likely to close in Apr 2017 and will fetch $14.25 million to the company.

In Jan 2017, the company sold Hotel Deca. Combining the sale of Hotel Deca and the impending sale of Hotel Triton, Lasalle Hotel Properties will be selling four hotel assets in 2017 for $273.9 million.

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

Shares of National Health Investors underperformed the Zacks categorized REIT and Equity Trust - Other industry in the last three months. During this time, shares of the company declined 4.5%, whereas the industry gained 1.1%.


Investors interested in the REIT space may consider stocks like Global Net Lease, Inc. (GNL - Free Report) , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. . Each of these stocks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, Global Net Lease’s FFO per share for first-quarter 2017 remained unchanged at 60 cents.

In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.

CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 6.5% to $1.14, in the last 30 days.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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