LaSalle Announces Sale of Chicago Marriott
Company to Recognize Gain of Approximately $38 Million
BETHESDA, MD, March 27, 2006. LaSalle Hotel Properties (NYSE:LHO) today announced that Chicago 540, LLC, a joint venture with The Carlyle Group, closed on the sale of the Chicago Marriott Downtown for $295 million plus approximately $11 million of other consideration. The hotel was purchased by the joint venture in 2000 for $175 million. LaSalle Hotel Properties will recognize an approximate gain of $38 million including its preferred distribution of approximately $25 million resulting in a leveraged internal rate of return ("IRR") of approximately 47% for the six year hold period. The preferred distribution to LHO is a result of The Carlyle Group achieving a leveraged IRR on their investment above the stated return thresholds in the partnership agreement.
LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, owning 28 upscale and luxury full-service hotels, totaling approximately 8,400 guest rooms in 15 markets in 11 states and the District of Columbia.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
