Lasalle Hotel Properties is a self-managed and self-administered real estate investment trust (REIT). The Company buys, owns, redevelops and leases full-service hotels located in convention, resort and 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. 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 August 2013, Lasalle Hotel Properties acquired the Harbor Court Hotel and Hotel Triton, both located in San Francisco. In August 2013, Lasalle Hotel Properties acquired the 260-room Southernmost Hotel Collection in Key West, Florida and also acquired the Serrano Hotel in San Francisco.