(By Balaseshan) LaSalle Hotel Properties (NYSE: LHO), a self-managed and self-administered real estate investment trust, said it has lowered fiscal 2012 guidance due to the impact of Hurricane Sandy.
"We are fortunate that our hotel teams reported no injuries or physical damage as a result of Hurricane Sandy. While we are providing this update to our outlook due to the business impact from the storm, we are still working to determine our ability to recover any lost income through our insurance policy," said Michael Barnello, Chief Executive of LHO.
The company reduced its 2012 funds from operations (FFO) per share/unit outlook to range of $2.04 to $2.05 from previous estimate of $2.09 to $2.10, while Street predicts $2.08.
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LaSalle cut its full year FFO forecast to range of $175.3 million to $176.3 million from previous range of $179.3 million to $180.3 million.
Adjusted EBITDA is now expected to be in the $259 million to $261 million range, lower than prior expectations of $263.5 million to $265.5 million.
The company now anticipates revenue per available room (RevPAR) growth of 4.0% to 4.3%, compared to prior growth estimate of 4.5% to 4.8%. Hotel EBITDA Margins are now predicted to be in the range of 31.9% to 32.1%, down from previous guidance of 32.3% to 32.5%.
The company owns interests in 40 hotels of which 38 are owned 100%. The 38 wholly-owned properties are upscale full-service hotels, totaling 10,200 guest rooms in 13 markets in 9 states and the District of Columbia.
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LHO is trading up 0.30% at $23.61 on Friday. The stock has been trading between $20.22 and $30.46 for the past 52 weeks.