LaSalle Hotel Properties (NYSE:LHO) announced it has signed an agreement to acquire the Westin Michigan Avenue in Chicago, Illinois for $215.0 million.

LaSalle Hotel Properties;
The AAA Four Diamond, upper-upscale full-service hotel is located in the heart of the Chicago's Magnificent Mile neighborhood, the city's premier shopping and residential district. The 751 guestroom hotel includes underground parking, 3 retail stores and a full-service restaurant. The hotel also offers 37,700 square feet of meeting space, a gift shop and a WestinWORKOUT(R) fitness center. The property will continue to be managed by Starwood Hotels & Resorts Worldwide, Inc.

The transaction is subject to customary closing conditions and requirements. The Company has not completed its diligence review and can make no assurance that the transaction will close. Assuming the Company's due diligence review is completed without issue, the closing would be expected to occur during the first quarter of 2006.