LaSalle Hotel Properties is a self-managed and self-administered real estate investment trust (REIT). The Company buys, owns, redevelops and leases primarily upscale and luxury full-service hotels located in convention, resort and major urban business markets. Its operations are conducted through LaSalle Hotel Operating Partnership, L.P. (the Operating Partnership) and LaSalle Hotel Lessee, Inc. (LHL), As of December 31, 2010, it owned interests in 35 hotels with approximately 9,100 rooms/suites located in 10 states and the District of Columbia. All 35 of the hotels are leased to LHL, or a wholly owned subsidiary of LHL. On February 2, 2010, the Company’s joint venture arrangement with LaSalle Investment Management was mutually dissolved. In October 2011, the Company acquired the Villa Florence hotel in San Francisco. In January 2012, the Company acquired The Park Central Hotel in New York City.