BETHESDA, MD — LaSalle Hotel Properties’ chief executive officer saw a 5 percent increase in total compensation in the company’s 2016 fiscal year due to an increase in base salary and share awards, according to a Securities and Exchange Commission filing.
Michael D. Barnello’s total compensation for the fiscal year totaled $5 million, up from $4.75 million in the company’s 2015 fiscal year. His stock awards grew from $2.08 million in 2015 to $2.16 million.
Barnello’s base salary is $831,000, up $16,000 from fiscal year 2015. The increase was credited to the company’s financial and business performance.
Kenneth G. Fuller, who was hired April 25, 2016 as the company’s executive vice president and chief financial officer, received total compensation of $1.28 million during the 2016 fiscal year. This includes a $200,000 bonus and $536,973 in stock options. Fuller’s base salary is $274,359.
Bethesda-based LaSalle Hotel Properties is real estate investment trust that owns 45 hotels. The properties total approximately 11,300 guest rooms in 13 markets in nine states and the District of Columbia.
LaSalle grew net income by 90.1 percent to $234.6 million in its 2016 fiscal year, due in part to a $104.8 million gain relating to the sale of the Indianapolis Marriott Downtown. The company’s adjusted earnings was $396.8 million, an increase of 2.7 percent over 2015.
LaSalle’s annual meeting will be Thursday, May 4, at 9 a.m. eastern time, at the Sofitel Washington.
The company’s shares were trading at $28.51, up 7 cents, or 0.23 percent, Friday afternoon.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.