Lasalle Hotel Properties is a self-managed and self-administered real estate investment trust (REIT). The Company primarily buys, owns, redevelops and leases full-service hotels located in convention, resort and major urban business markets. As of December 31, 2011, the Company owned interests in 37 hotels with over 9,800 guest rooms located in nine states and the District of Columbia. Each hotel is leased to LaSalle Hotel Lessee, Inc. (LHL) or a wholly owned subsidiary of LHL under a participating lease that provides for rental payments. A third-party non-affiliated hotel operator manages each hotel. All of the Company�s assets are held by, and all of its operations are conducted through, LaSalle Hotel Operating Partnership, L.P. (the Operating Partnership). In December 2012, the Company acquired LAuberge Del Mar in Del Mar, California. In January 2013, the Company acquired a majority interest in The Liberty Hotel in Boston, Massachusetts.