LaSalle cashes in on Westin hotel

LaSalle Hotel Properties has successfully executed a $140.0 million secured loan with Wells Fargo Bank at a fixed annualized interest rate of 5.75 percent. The term of the loan is 10 years, interest only for five years, and is collateralized by the 751-room Westin Michigan Avenue Hotel. Proceeds from the loan will be used to reduce the Company’s outstanding balance on its credit facility.