According to a press release from LaSalle Hotel Properties, Chairman and CEO Jon E. Bortz has retired and the company has promoted its COO to replace him.

Mr. Michael D. Barnello is 44-years-old and he is the new CEO for the LaSalle Hotel Properties. The company commented that Mr. Bortz retirement was a surprised for them, but apparently, Mr. Bortz wants to “pursue other carrer opportunities.”

The LaSalle Hotel Properties is a real estate investement that owns upscale hotels under several chains in 14 markets around the world. The company reported that profit fell 60% from a year ago due to the recession. However, the company believes that with Mr. Barnello as the new CEO things might change.

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