LaSalle officers get raises, more stock

7-Feb-13 – Three corporate officers of the real estate investment trust that owns Hotel Sax are getting raises, bonuses, and stock, much of it tied to performance.

According to a report filed on January 30 with the U.S. Securities and Exchange Commission, Michael Barnello (left), president and CEO of LaSalle Hotel Properties, will get a base salary this year of $780,000, a bonus potentially as high as $980,000, and approximately 72,095 shares of LaSalle stock, the price of which closed on Wednesday at $27.04.

Alfred Young, the company’s chief operating officer, will get a $470,000 base, $352,500 bonus, and approximately 34,963 shares of stock. Chief financial officer Bruce Riggins will get a $406,000 base, $292,000 bonus, and approximately 27,206 shares of stock.

Some of the stock has already been awarded but the exact amount will be based on the company’s profit this year. LaSalle will release its fourth quarter and year-end results for last year on February 20.

Based in Bethesda, Maryland, LaSalle also owns The Westin Michigan Avenue as well as 38 other hotels and all of the commercial property at Marina City.