LaSalle Hotel Properties is a Maryland real estate investment trust (REIT) engaged in buying, owning and leasing upscale and luxury full-service hotels located in convention, resort and major urban business markets. As of December 31, 2001, the Company owned interests in 17 hotels with approximately 5,900 guestrooms located in 11 states and the District of Columbia. All of the Hotels are managed by independent hotel operators. Substantially 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). The Company is the sole general partner, with an approximate 97.6% ownership as of December 31, 2001. As of December 31, 2001, continuing investors held, in the aggregate, 443,183 units, or a 2.4% limited partnership interest in the Operating Partnership.