LaSalle REIT Orders 20% Cut in Hotel Staffing | wsj.com

LaSalle Hotel Properties said Friday the hotel real-estate investment trust told its management companies to cut their work forces by 20%, one day after the company rescinded its 2008 guidance because of uncertainty in its markets. Chief Financial Officer Hans Weger, in an interview, said the company was freezing wages and cutting costs to combat what is expected to be a difficult 2009. LaSalle shares fell 18%, or $1.93, to $9.