Intrinsic value of LaSalle Hotel Properties - LHO

Previous Close

$34.35

  Intrinsic Value

$151.93

stock screener

  Rating & Target

str. buy

+342%

Previous close

$34.35

 
Intrinsic value

$151.93

 
Up/down potential

+342%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as LHO.

We calculate the intrinsic value of LHO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,127
  1,153
  1,183
  1,216
  1,253
  1,293
  1,337
  1,385
  1,436
  1,491
  1,550
  1,613
  1,680
  1,752
  1,827
  1,907
  1,992
  2,082
  2,176
  2,276
  2,382
  2,493
  2,610
  2,734
  2,864
  3,001
  3,145
  3,297
  3,457
  3,625
Variable operating expenses, $m
  716
  733
  751
  771
  794
  819
  847
  876
  908
  942
  960
  998
  1,040
  1,084
  1,131
  1,180
  1,233
  1,288
  1,347
  1,409
  1,474
  1,543
  1,616
  1,692
  1,773
  1,857
  1,947
  2,041
  2,139
  2,243
Fixed operating expenses, $m
  264
  269
  275
  281
  288
  294
  300
  307
  314
  321
  328
  335
  342
  350
  358
  365
  373
  382
  390
  399
  407
  416
  426
  435
  445
  454
  464
  475
  485
  496
Total operating expenses, $m
  980
  1,002
  1,026
  1,052
  1,082
  1,113
  1,147
  1,183
  1,222
  1,263
  1,288
  1,333
  1,382
  1,434
  1,489
  1,545
  1,606
  1,670
  1,737
  1,808
  1,881
  1,959
  2,042
  2,127
  2,218
  2,311
  2,411
  2,516
  2,624
  2,739
Operating income, $m
  147
  151
  156
  163
  171
  180
  190
  202
  215
  229
  263
  280
  298
  318
  339
  361
  386
  412
  439
  469
  500
  534
  569
  607
  647
  689
  734
  782
  832
  886
EBITDA, $m
  583
  597
  613
  632
  653
  677
  704
  733
  765
  800
  837
  877
  920
  966
  1,015
  1,067
  1,123
  1,182
  1,244
  1,311
  1,381
  1,456
  1,535
  1,618
  1,707
  1,800
  1,898
  2,002
  2,111
  2,227
Interest expense (income), $m
  41
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
Earnings before tax, $m
  148
  152
  157
  164
  171
  180
  191
  202
  215
  229
  263
  280
  298
  318
  339
  361
  386
  411
  439
  469
  500
  533
  569
  606
  646
  689
  734
  781
  831
  885
Tax expense, $m
  40
  41
  42
  44
  46
  49
  51
  55
  58
  62
  71
  76
  81
  86
  91
  98
  104
  111
  119
  127
  135
  144
  154
  164
  175
  186
  198
  211
  224
  239
Net income, $m
  108
  111
  115
  119
  125
  132
  139
  148
  157
  167
  192
  204
  218
  232
  247
  264
  281
  300
  321
  342
  365
  389
  415
  443
  472
  503
  535
  570
  607
  646

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -285
  -291
  -299
  -307
  -316
  -327
  -338
  -350
  -363
  -377
  -392
  -408
  -424
  -442
  -462
  -482
  -503
  -526
  -550
  -575
  -602
  -630
  -659
  -691
  -723
  -758
  -794
  -833
  -873
  -916
Adjusted assets (=assets-cash), $m
  -285
  -291
  -299
  -307
  -316
  -327
  -338
  -350
  -363
  -377
  -392
  -408
  -424
  -442
  -462
  -482
  -503
  -526
  -550
  -575
  -602
  -630
  -659
  -691
  -723
  -758
  -794
  -833
  -873
  -916
Revenue / Adjusted assets
  -3.954
  -3.962
  -3.957
  -3.961
  -3.965
  -3.954
  -3.956
  -3.957
  -3.956
  -3.955
  -3.954
  -3.953
  -3.962
  -3.964
  -3.955
  -3.956
  -3.960
  -3.958
  -3.956
  -3.958
  -3.957
  -3.957
  -3.961
  -3.957
  -3.961
  -3.959
  -3.961
  -3.958
  -3.960
  -3.957
Average production assets, $m
  4,170
  4,266
  4,376
  4,499
  4,635
  4,785
  4,948
  5,124
  5,314
  5,518
  5,737
  5,969
  6,217
  6,481
  6,760
  7,056
  7,370
  7,702
  8,052
  8,422
  8,812
  9,224
  9,658
  10,115
  10,597
  11,104
  11,638
  12,199
  12,790
  13,411
Working capital, $m
  -1,365
  -1,396
  -1,432
  -1,472
  -1,517
  -1,566
  -1,619
  -1,677
  -1,739
  -1,806
  -1,878
  -1,954
  -2,035
  -2,121
  -2,213
  -2,310
  -2,412
  -2,521
  -2,635
  -2,757
  -2,884
  -3,019
  -3,161
  -3,311
  -3,468
  -3,634
  -3,809
  -3,993
  -4,186
  -4,390
Total debt, $m
  -11
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -6
  -6
  -5
  -4
  -3
  -2
  -1
  0
  2
  3
  4
  6
  7
  9
  10
  12
  14
  16
  18
  20
  22
  25
Total liabilities, $m
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  42
  44
  47
  49
  51
Total equity, $m
  -301
  -308
  -315
  -324
  -334
  -345
  -357
  -369
  -383
  -398
  -414
  -430
  -448
  -467
  -487
  -509
  -531
  -555
  -580
  -607
  -635
  -665
  -696
  -729
  -764
  -800
  -839
  -879
  -922
  -967
Total liabilities and equity, $m
  -285
  -292
  -298
  -307
  -316
  -327
  -338
  -349
  -363
  -377
  -392
  -407
  -424
  -442
  -461
  -482
  -503
  -526
  -549
  -575
  -601
  -630
  -659
  -690
  -723
  -758
  -795
  -832
  -873
  -916
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056
  1.056

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  111
  115
  119
  125
  132
  139
  148
  157
  167
  192
  204
  218
  232
  247
  264
  281
  300
  321
  342
  365
  389
  415
  443
  472
  503
  535
  570
  607
  646
Depreciation, amort., depletion, $m
  436
  446
  456
  469
  482
  497
  514
  531
  550
  571
  574
  597
  622
  648
  676
  706
  737
  770
  805
  842
  881
  922
  966
  1,012
  1,060
  1,110
  1,164
  1,220
  1,279
  1,341
Funds from operations, $m
  544
  556
  571
  588
  608
  629
  653
  679
  707
  738
  766
  801
  839
  880
  923
  969
  1,019
  1,071
  1,126
  1,184
  1,246
  1,312
  1,381
  1,454
  1,532
  1,613
  1,699
  1,790
  1,886
  1,987
Change in working capital, $m
  -27
  -31
  -36
  -40
  -45
  -49
  -53
  -58
  -62
  -67
  -71
  -76
  -81
  -86
  -91
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -193
  -203
Cash from operations, $m
  570
  588
  607
  628
  652
  678
  706
  737
  770
  805
  837
  878
  921
  966
  1,015
  1,066
  1,121
  1,179
  1,240
  1,305
  1,374
  1,446
  1,523
  1,604
  1,689
  1,779
  1,874
  1,974
  2,079
  2,190
Maintenance CAPEX, $m
  -409
  -417
  -427
  -438
  -450
  -464
  -478
  -495
  -512
  -531
  -552
  -574
  -597
  -622
  -648
  -676
  -706
  -737
  -770
  -805
  -842
  -881
  -922
  -966
  -1,012
  -1,060
  -1,110
  -1,164
  -1,220
  -1,279
New CAPEX, $m
  -82
  -96
  -110
  -123
  -136
  -150
  -163
  -176
  -190
  -204
  -218
  -233
  -248
  -263
  -280
  -296
  -314
  -332
  -350
  -370
  -390
  -412
  -434
  -457
  -482
  -507
  -534
  -562
  -591
  -621
Cash from investing activities, $m
  -491
  -513
  -537
  -561
  -586
  -614
  -641
  -671
  -702
  -735
  -770
  -807
  -845
  -885
  -928
  -972
  -1,020
  -1,069
  -1,120
  -1,175
  -1,232
  -1,293
  -1,356
  -1,423
  -1,494
  -1,567
  -1,644
  -1,726
  -1,811
  -1,900
Free cash flow, $m
  80
  75
  71
  68
  66
  65
  65
  66
  67
  69
  67
  71
  76
  81
  87
  94
  102
  110
  120
  130
  141
  154
  167
  181
  196
  212
  230
  249
  269
  290
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
Issuance/(repurchase) of shares, $m
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -43
  -45
Cash from financing (excl. dividends), $m  
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -41
  -43
Total cash flow (excl. dividends), $m
  74
  68
  63
  59
  57
  55
  54
  53
  54
  55
  52
  55
  59
  63
  68
  74
  80
  88
  96
  105
  115
  125
  137
  150
  163
  178
  193
  210
  228
  247
Retained Cash Flow (-), $m
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  38
  40
  43
  45
Prev. year cash balance distribution, $m
  295
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  375
  75
  71
  68
  66
  65
  65
  66
  68
  70
  68
  72
  77
  82
  88
  95
  103
  112
  121
  132
  143
  155
  168
  183
  198
  214
  232
  251
  271
  292
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  375
  75
  71
  68
  66
  65
  65
  66
  68
  70
  68
  72
  77
  82
  88
  95
  103
  112
  121
  132
  143
  155
  168
  183
  198
  214
  232
  251
  271
  292
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

LaSalle Hotel Properties is a self-administered and self-managed real estate investment trust. The Company primarily buys, owns, redevelops and leases upscale and luxury full-service hotels located in convention, resort and urban business markets. As of December 31, 2016, the Company owned interests in 46 hotels with approximately 11,450 guest rooms located in nine states of the United States and the District of Columbia (DC). As of December 31, 2016, the Company's properties included Hotel Amarano Burbank; Hilton San Diego Gaslamp Quarter; Hotel Solamar; San Diego Paradise Point Resort and Spa; The Hilton San Diego Resort and Spa; Harbor Court Hotel; The Marker San Francisco; Chamberlain West Hollywood; Le Montrose Suite Hotel; The Grafton on Sunset; Hotel George; Hotel Rouge; Mason & Rook Hotel; The Donovan; The Liaison Capitol Hill; The Marker Waterfront Resort; Hotel Chicago; Onyx Hotel; Park Central Hotel New York; The Heathman Hotel; Westin Philadelphia, and Lansdowne Resort.

FINANCIAL RATIOS  of  LaSalle Hotel Properties (LHO)

Valuation Ratios
P/E Ratio 15.4
Price to Sales 3.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -82.3%
Cap. Spend. - 3 Yr. Gr. Rate -24.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 43.7%
Total Debt to Equity 43.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 35.5%
Gross Margin - 3 Yr. Avg. 35%
EBITDA Margin 31.5%
EBITDA Margin - 3 Yr. Avg. 33.4%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 15.7%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 14.4%
Net Profit Margin 20.6%
Net Profit Margin - 3 Yr. Avg. 17%
Effective Tax Rate 3.2%
Eff/ Tax Rate - 3 Yr. Avg. 1.1%
Payout Ratio 87%

LHO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LHO stock intrinsic value calculation we used $1105 million for the last fiscal year's total revenue generated by LaSalle Hotel Properties. The default revenue input number comes from 2017 income statement of LaSalle Hotel Properties. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LHO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 0%, whose default value for LHO is calculated based on our internal credit rating of LaSalle Hotel Properties, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of LaSalle Hotel Properties.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LHO stock the variable cost ratio is equal to 63.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $258 million in the base year in the intrinsic value calculation for LHO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for LaSalle Hotel Properties.

Corporate tax rate of 27% is the nominal tax rate for LaSalle Hotel Properties. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LHO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LHO are equal to 370%.

Life of production assets of 10 years is the average useful life of capital assets used in LaSalle Hotel Properties operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LHO is equal to -121.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for LaSalle Hotel Properties - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 113 million for LaSalle Hotel Properties is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of LaSalle Hotel Properties at the current share price and the inputted number of shares is $3.9 billion.

RELATED COMPANIES Price Int.Val. Rating
AHT Ashford Hospit 6.45 19.76  str.buy
SOHO Sotherly Hotel 6.98 98.92  str.buy
AHP Ashford Hospit 10.38 11.18  hold
HLT Hilton Worldwi 76.54 132.77  str.buy
MAR Marriott Inter 121.61 361.06  str.buy
H Hyatt Hotels 77.59 5.52  str.sell
AMT American Tower 149.11 53.02  str.sell
CTT CatchMark Timb 12.10 10.83  hold
HIFR InfraREIT 20.90 2.95  str.sell

COMPANY NEWS

▶ [$$] LaSalle Hotel's Profit Falls Ahead of Vote on Blackstone Takeover   [Aug-09-18 11:22AM  The Wall Street Journal]
▶ LaSalle Hotel Properties: 2Q Earnings Snapshot   [08:11AM  Associated Press]
▶ LaSalle sets shareholder vote on Blackstone deal, snubbing Pebblebrook   [Jul-30-18 11:28AM  American City Business Journals]
▶ The Pebblebrook-LaSalle dispute has grown even nastier   [Jul-10-18 02:02PM  American City Business Journals]
▶ Report: LaSalle flags SEC over Pebblebrooks recent share purchases   [12:40PM  American City Business Journals]
▶ Pebblebrook plays a public game in quest to buy LaSalle. Analysts say it could work.   [Jun-18-18 11:52PM  American City Business Journals]
▶ LaSalle Hotel Trust affirms Blackstone deal, rejects Pebblebrook again   [08:24AM  American City Business Journals]
▶ Corrections & Amplifications   [Jun-13-18 08:00PM  The Wall Street Journal]
▶ WeissLaw LLP Investigates LaSalle Hotel Properties   [May-23-18 06:25PM  PR Newswire]
▶ Hotel wars   [May-21-18 05:15PM  Bloomberg]
▶ 4 things to watch in the LaSalle-Blackstone-Pebblebrook love triangle   [03:12PM  American City Business Journals]
▶ LaSalle Hotel Properties: 1Q Earnings Snapshot   [May-10-18 07:36AM  Associated Press]
▶ [$$] Pebblebrook Boosts Its Bid for LaSalle Hotel Properties   [Apr-24-18 06:12PM  The Wall Street Journal]
▶ Hospitality REITs, others hungry for LaSalles portfolio   [Apr-19-18 03:01PM  American City Business Journals]
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