Hotel REIT Brings Credit Facility Up to $300M

BETHESDA, MD-Looking ahead to the near future, LaSalle Hotel Properties has just enhanced its existing $215-million senior unsecured credit facility by $85 million, leaving it with a $300-million financial instrument. The previous credit facility, executed late last year, had a one-year extension beyond its scheduled expiration date of Dec. 31, 2006.

The Bank of Montreal and Bank of America have extended their roles as the respective administrative agent and syndication agent on the transaction. Additionally, Key Bank, LaSalle Bank, Raymond James, Royal Bank of Scotland, Scotia Capital, Wachovia and Wells Fargo also played roles in the expansion. And there is even more credit to be had; LaSalle’s $13-million affiliated lessee revolving credit facility, piloted by US Bank National Association, was bumped up to $25 million.