LaSalle Hotel rescinds outlook as portfolio falls

LaSalle's chief financial officer, Hans Weger, said in a statement that the company could not provide "a credible outlook for the remainder of the year as expected performance at our hotels continues to decline."

He said the company's portfolio saw revenue per available room -- an important hotel industry metric measuring rates and occupancy -- drop 11.4 percent in October, compared with a projection of 6.7 percent.

LaSalle had been expecting funds from operations for the full year of 2008 to come in at $199.8 million to $201.8 million, or $3.02 to $3.07 on a per share basis.

Analysts polled by Thomson Reuters expected $3.02, on average.

LaSalle's shares climbed with the broader market Thursday, rising $1.95, or about 22 percent, to close at $10.95. Its decision to rescind its outlook was issued after the regular session closed.