LaSalle sees improvement in first quarter

21-Apr-11 – With help from its two hotels in Chicago – Marina City’s Hotel Sax and Westin Michigan Avenue – LaSalle Hotel Properties is reporting more revenue and less of a loss in the first three months of the year, compared with the same period in 2010.

The real estate investment trust that owns commercial property at Marina City took in $138.4 million in the first quarter of 2011, a 28 percent increase from a year ago. The net loss was $19.3 million, better than the $25.8 million loss last year.

The company is most pleased with a 7.1 percent increase in revenue per available room, boosted by a six percent increase in average daily rate.

LaSalle now owns 35 hotels in 13 markets but only five got shout outs during a conference call with investors on Thursday. Said LaSalle president and CEO Michael Barnello, “We benefited significantly from our hotels in West Hollywood, Chicago, San Francisco, San Diego, and Washington, D.C., all performing above our portfolio average.”

Although pleased with the performance of the hotel portfolio during the first quarter, Barnello (left) said in a news release on Wednesday that it was “despite having four properties under major renovation and unfortunate weather in the Northeast.”

So far this year, LaSalle has purchased a hotel in Santa Monica for $80.1 million and sold a hotel near Minneapolis for $20 million. Stock sales and offerings have raised an additional $165.9 million.

 Listen to the conference call – Duration: 1:09:36