LaSalle promotes Barnello to CEO

Was scheduled to takeover in 2010 but Bortz decides to retire early

15-Sep-09 – The real estate investment trust that owns Hotel Sax and commercial property at Marina City has promoted Michael D. Barnello to Chief Executive Officer.

Barnello has been President of LaSalle Hotel Properties, based in Bethesda, Maryland, since May 31, 2008. Before that, he was Chief Operating Officer and Executive Vice President of Acquisitions and had been with the company since it went public in 1998. He was scheduled to takeover as CEO on July 1, 2010.

He replaces Jon Bortz, who announced he was retiring – after 11 years – effective last Sunday. A press release issued on Monday says, “These actions were taken after…Bortz informed the board of his decision to retire from the company effective as of September 13, 2009, accelerating the previously announced succession plan.”

In an email to Marina City Online, Barnello called the the change “just a timing shift, that’s all.”

Bortz was also Chairman of the Board. Lead Director Stuart L. Scott was named acting Chairman.

Said Scott, “The Board is greatly appreciative of the outstanding leadership that Jon [Bortz] has provided over the past 11 years, during which time the company experienced industry-leading returns and grew from ten hotels to 31 hotels.”

Scott says Bortz is stepping down early “to allow him to pursue other career opportunities.”

According to Forbes.com, Barnello is 43 years old. His total compensation last year was about $2.6 million.

“The continuity of his leadership and commitment to excellence,” said Scott about Barnello, “positions LaSalle Hotel Properties to continue to be a leader in the hotel industry.”