The Board of Trustees of LaSalle Hotel Properties has adopted a succession plan with respect to its Chairman, Chief Executive Officer and President, Jon E. Bortz, and its Chief Operating Officer, Michael D. Barnello.Pursuant to the succession plan, Mr. Bortz will retire as Chief Executive Officer as of July 1, 2010, and Mr. Barnello will assume the role and duties of Chief Executive Officer at that time. The succession plan includes Mr. Bortz continuing in his role as Chairman of the Board after his retirement. In addition, Mr. Barnello was named President of LaSalle Hotel Properties effective immediately. At its July meeting, the Board plans to increase the number of Trustees to eight and elect Mr. Barnello as a Trustee.
“Though the Board deeply regrets Jon’s decision, it greatly appreciates the leadership and guidance he has provided,” said Stuart L. Scott Chairman of the Nominating and Governance Committee for LaSalle Hotel Properties. “Jon led the development and execution of the strategies that have allowed LaSalle Hotel Properties to grow by more than three-fold over the past 10 years while significantly increasing the annual dividend to our shareholders and providing industry-leading returns to the Company’s shareholders.”
Jon E. Bortz has served as Chairman of the Company’s Board of Trustees since January 1, 2001, a trustee of the Company since 1998 and has been President and Chief Executive Officer of the Company since its formation. Mr. Bortz is a member of the Board of Governors of the National Association of Real Estate Investment Trusts and a member of its Executive Committee. He is also a member of the Board of Trustees of Federal Realty Investment Trust and a member of the Board of Directors of Metropark USA, a privately-owned clothing retailer.
“Mike has played an integral role in the Company’s growth since we went public in 1998,” said Mr. Bortz. “We have seen our vision of creating a premier hotel investment company become a reality by staying true to our core mission of creating long-term shareholder value. I look forward to working with Mike over the next two years to create a seamless transition for him to assume the role of CEO and build on the success the Company has experienced over the past 10 years.”
Michael D. Barnello has served as Chief Operating Officer and Executive Vice President of Acquisitions of the Company and President of LaSalle Hotel Lessee, Inc. since their formation. As Chief Operating Officer, Mr. Barnello has been and will continue to be responsible for all acquisition and asset management activities of the Company. Mr. Barnello holds a B.S. in Hotel Administration from the Cornell School of Hotel Administration.