(MENAFN) Washington-based LaSalle Hotel Properties plans to sell eight million shares of common stock in a secondary stock offering to fund future buyouts, the Wall Street Journal reported.
LaSalle has filed to sell 7 million shares in the public offering. Underwriters will also have the option to buy an additional 1.05 million shares. The company has not set a date or a price for the offering.
Based on LaSalle's Thursday closing price of USD24.54 per share, the offering could generate USD197.6 million.
The company said it would also use the proceeds to repay debt.
LaSalle reported a 19 percent increase in third quarter revenue to USD237 million from a year earlier, on higher room and occupancy rates at its hotels.
Earlier this month, LaSalle bought the L-Auberge Del Mar in California for USD76.9 million, becoming its 39th wholly owned hotel property.
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