LaSalle Hotel Properties (LHO) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 13,982,075 to 13,694,799 shares, with 11 days to go before the expiry. The short open interest has decreased by -2.1%, amounting to a reduction of -287,276 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 12.2% of the float of the company. The average daily volume of the stock is 1,203,535 shares. The short interest information was released on Wednesday Aug 24th after the market close.
LaSalle Hotel Properties (NYSE:LHO): The stock opened at $28.57 on Wednesday but the bulls could not build on the opening and the stock topped out at $28.62 for the day. The stock traded down to $28.15 during the day, due to lack of any buying support eventually closed down at $28.47 with a loss of -0.11% for the day. The stock had closed at $28.50 on the previous day. The total traded volume was 1,545,286 shares.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the officer (EVP and COO) of Lasalle Hotel Properties, Young Alfred L. had sold 17,000 shares worth of $477,870 in a transaction dated July 26, 2016. In this transaction, 17,000 shares were sold at $28.11 per share.
Lasalle Hotel Properties is a self-managed and self-administered real estate investment trust (REIT). The Company buys, owns, redevelops and leases upscale and luxury full-service hotels located in convention, resort and urban business markets. As of December 31, 2014, the Company owned interests in 45 hotels with approximately 11,300 guest rooms located in 10 states and the District of Columbia. LaSalle Hotel Lessee, Inc. (LHL) is the Companys wholly owned REIT subsidiary. Its hotels are leased to LHL that provides for rental payments. The Companys assets are held by, and all of its operations are conducted through, LaSalle Hotel Operating Partnership, L.P. (the Operating Partnership). The Company is the sole general partner of the Operating Partnership.