Exhibit 99.1

LASALLE HOTEL PROPERTIES REPORTS FOURTH QUARTER

AND FULL YEAR 2010 RESULTS

Company reports 29.1 percent hotel EBITDA margin and achieves best-ever occupancy of 75.0% in 2010

BETHESDA, MD, February 23, 2011 — LaSalle Hotel Properties (NYSE: LHO) today announced results for the fourth quarter and year ended December 31, 2010. The Company’s results include the following:

Fourth Quarter Highlights

Full Year 2010 Highlights

Additionally, the Company retired $12.8 million of outstanding mortgage principal balance on the LeMontrose Suite Hotel.

“2010 was a very successful year for our Company,” said Michael Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “The industry and our portfolio began to recover, our Company continued to deliver extraordinary hotel EBITDA margins and we substantially improved our portfolio by acquiring hotels that are consistent with our strategy and that we believe will create long term shareholder value and by exiting non-core markets and lower-performing assets. In addition, we were able to meaningfully increase the dividend in the third quarter of 2010.

We continued to opportunistically raise capital in 2010 with net proceeds of $109.2 million through our common equity offering in March and $74.9 million through our ATM program. To date in 2011, we have raised net proceeds of $66.4 million through our Series H preferred offering and $72.3 million through our ATM program.”

Balance Sheet

As of December 31, 2010, the Company had total outstanding debt of $808.6 million, including $120.2 million outstanding on its credit facilities. Total debt to trailing 12 month Corporate EBITDA (as defined in the Company’s senior unsecured credit facility) was 4.4 times as of December 31, 2010. For the year, the Company’s weighted average interest rate was 4.9 percent. As of December 31, 2010, based on the Company’s covenants under its senior unsecured credit facility, the Company’s EBITDA to interest coverage ratio was 4.7 times and its fixed charge coverage ratio was 2.3 times. At the end of 2010, the Company had $32.3 million of cash and cash equivalents on its balance sheet and an aggregate of $347.7 million available on its credit facilities.

Subsequent Events

On January 5, 2011, the Company announced that Mr. Bruce A. Riggins has been appointed Executive Vice President and Chief Financial Officer effective January 24, 2011. Mr. Riggins was previously Chief Financial Officer of Interstate Hotels & Resorts.

On January 12, 2011, the Company sold the Sheraton Bloomington Hotel for $20.0 million. The Company recorded an impairment loss related to the sale of $3.2 million in the fourth quarter of 2010.

On January 19, 2011, the Company priced an underwritten public offering of 7.5% Series H Cumulative Redeemable Preferred Shares at $25.00 per share, for net proceeds of approximately $66.4 million, including the exercise of the underwriters’ overallotment option.

On February 11, 2011, the Company announced the redemption of its 8.375% Series B Cumulative Redeemable Preferred Shares. The redemption price is $25.00 per share, plus accrued and unpaid dividends through the redemption date of March 14, 2011.

During January and February, 2011, the Company sold 2,619,811 common shares through its at-the-market offering program resulting in net proceeds of approximately $72.3 million. In addition, the Company’s Board of Trustees has authorized an additional ATM program in the amount of $250.0 million, to the extent conditions warrant raising the additional proceeds; however, the Company has not yet entered into any new equity distribution agreements.

2011 Outlook

Based on the current economic environment and assuming that recent signs of economic recovery continue to improve, and assuming 2011 RevPAR growth of 6.0% to 8.0% compared to 2010, the Company’s 2011 outlook is as follows:

2011 First Quarter Outlook

Based on the portfolio’s performance the first two months of the quarter, the Company expects RevPAR to increase 5.0% to 7.0%, resulting in adjusted FFO of $7.2 million to $8.8 million, adjusted FFO per share of $0.10 per share to $0.12 per share and adjusted EBITDA of $22.0 million to $24.0 million for the first quarter. Both adjusted FFO and adjusted EBITDA for the quarter exclude the impact of approximately $0.6 million of costs associated with the departure of the previous CFO and $0.7 million of recognized issuance costs associated with the redemption of the Series B Cumulative Redeemable Preferred Shares.

Earnings Call

The Company will conduct its quarterly conference call on Thursday, February 24, 2011 at 9:00 AM EST. To participate in the conference call, please dial (888) 228-5307. Additionally, a live webcast of the conference call will be available through the Company’s website. To access, log on to http://www.lasallehotels.com. A replay of the conference call will be archived and available online through the Investor Relations section of http://www.lasallehotels.com.

LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 34 upscale full-service hotels, totaling over 8,500 guest rooms in 13 markets in 9 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, Denihan Hospitality Group, the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels & Resorts and JRK Hotel Group, Inc.

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. Forward-looking statements in this press release include, among others, statements about outlook for adjusted FFO, adjusted EBITDA and derivations thereof and related assumptions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) the Company’s dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly, (ii) risks associated with the hotel industry, including competition, increases in wages, energy costs and other operating costs, actual or threatened terrorist attacks, downturns in general and local economic conditions and cancellation of or delays in the completion of anticipated demand generators, (iii) the availability and terms of financing and capital and the general volatility of securities markets, (iv) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws, (v) interest rate increases, (vi) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured losses, (viii) risks associated with redevelopment and repositioning projects, including delays and cost overruns and (ix) the risk factors discussed in the Company’s Annual Report on Form 10-K as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company’s expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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Additional Contacts:

Bruce Riggins or Kenneth Fuller, LaSalle Hotel Properties – (301) 941-1500

For additional information or to receive press releases via e-mail, please visit our website at www.lasallehotels.com.

LASALLE HOTEL PROPERTIES

Consolidated Statements of Operations

(in thousands, except share data)

(unaudited)

LASALLE HOTEL PROPERTIES

Consolidated Statements of Operations - Continued

(in thousands, except share data)

(unaudited)

LASALLE HOTEL PROPERTIES

FFO and EBITDA

(in thousands, except share data)

(unaudited)

With respect to Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities, provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.

Hotel EBITDA includes the operating data for all properties owned by the Company as of February 23, 2011 for the three months and years ended December 31, 2010 and 2009. Hotel EBITDA includes adjustments made for presentation of comparable information. Both 2009 and 2010 exclude Westin City Center Dallas, Seaview Resort, Chamberlain West Hollywood, and Sheraton Bloomington.

LASALLE HOTEL PROPERTIES

Hotel Operational Data

Schedule of Property Level Results

(in thousands)

(unaudited)

Note:

This schedule includes the operating data for the three months and year ended December 31, 2010 for all properties owned by the Company as of February 23, 2011, including Sofitel Washington DC, Hotel Monaco, Westin Philadelphia, Embassy Suites Philadelphia, and Hotel Roger Williams for the Company’s period of ownership. Sofitel, Monaco, Westin Philadelphia, Embassy Suites Philadelphia, and Hotel Roger Williams are shown in 2009 for their comparative period of ownership in 2010. Both 2009 and 2010 exclude Westin City Center Dallas, Seaview Resort, Chamberlain West Hollywood, and Sheraton Bloomington.

LASALLE HOTEL PROPERTIES

Statistical Data for the Hotels

(unaudited)

Note:

This schedule includes the operating data for the three months and year ended December 31, 2010 for all properties owned by the Company as of February 23, 2011, including Sofitel Washington DC, Hotel Monaco, Westin Philadelphia, Embassy Suites Philadelphia, and Hotel Roger Williams for the Company’s period of ownership. Sofitel, Monaco, Westin Philadelphia, Embassy Suites Philadelphia, and Hotel Roger Williams are shown in 2009 for their comparative period of ownership in 2010. Both 2009 and 2010 exclude Westin City Center Dallas, Seaview Resort, Chamberlain West Hollywood, and Sheraton Bloomington.

LASALLE HOTEL PROPERTIES

Statistical Data for the Hotels

(unaudited)

Prior Year Operating Data

Note:

This schedule includes operating data for the owned hotels as of February 23, 2011. Sofitel Washington DC, Hotel Monaco, Westin Philadelphia, Embassy Suites Philadelphia, Hotel Roger Williams, and Chamberlain West Hollywood are shown for full year 2010 for comparative purposes.

Non-GAAP Financial Measures

FFO, EBITDA and Hotel EBITDA

The Company considers the non-GAAP measures of FFO (including FFO per share), EBITDA and hotel EBITDA to be key supplemental measures of the Company’s performance and should be considered along with, but not as alternatives to, net income or loss as a measure of the Company’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO, EBITDA and hotel EBITDA to be helpful in evaluating a real estate company’s operations.

The White Paper on FFO approved by NAREIT in April 2002 defines FFO as net income or loss (computed in accordance with GAAP), excluding gains or losses from sales of properties and items classified by GAAP as extraordinary, plus real estate-related depreciation and amortization (excluding amortization of deferred finance costs) and after comparable adjustments for the Company’s portion of these items related to unconsolidated entities and joint ventures. The Company computes FFO consistent with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company.

With respect to FFO, the Company believes that excluding the effect of extraordinary items, real estate-related depreciation and amortization, and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance, can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common shareholders. However, FFO may not be helpful when comparing the Company to non-REITs.

With respect to EBITDA, the Company believes that excluding the effect of non-operating expenses and non-cash charges, and the portion of these items related to unconsolidated entities, all of which are also based on historical cost accounting and may be of limited significance in evaluating current performance, can help eliminate the accounting effects of depreciation and amortization, and financing decisions and facilitate comparisons of core operating profitability between periods and between REITs, even though EBITDA also does not represent an amount that accrues directly to common shareholders.

With respect to hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities, provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.

FFO, EBITDA and hotel EBITDA do not represent cash generated from operating activities determined by GAAP and should not be considered as alternatives to net income, cash flows from operations or any other operating performance measure prescribed by GAAP. FFO, EBITDA and hotel EBITDA are not measures of the Company’s liquidity, nor are FFO, EBITDA and Hotel EBITDA indicative of funds available to fund the Company’s cash needs, including its ability to make cash distributions. These measurements do not reflect cash expenditures for long-term assets and other items that have been and will be incurred. FFO, EBITDA and hotel EBITDA may include funds that may not be available for management’s discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, and other commitments and uncertainties. To compensate for this, management considers the impact of these excluded items to the extent they are material to operating decisions or the evaluation of the Company’s operating performance.

Adjusted FFO and Adjusted EBITDA

The Company presents adjusted FFO (including adjusted FFO per share) and adjusted EBITDA, which adjusts for certain additional items including gains on sale of property (to the extent included in FFO or EBITDA), impairment losses, acquisition transaction costs, costs associated with the departure of executive officers, costs associated with the recognition of issuance costs related to the calling of preferred shares and certain other items. The Company excludes these items as it believes it allows for meaningful comparisons among other REITs and between periods and is more indicative of the ongoing performance of its assets. As with FFO, EBITDA, and hotel EBITDA, the Company’s calculation of adjusted FFO and adjusted EBITDA may be different from similar adjusted measures calculated by other REITs.