A latch assembly for releasably securing a first member in a closed position relative to a second member is disclosed. The latch assembly includes a housing, a handle, and a lock barrel. The housing is adapted for attachment to one of the first member and the second member. The handle is pivotally attached to the housing and is movable between a closed position and an open position. The handle causes the latch assembly to open when the handle is moved to the open position. The lock barrel is supported by the handle. The lock barrel is adapted for being selectively rotated between locked and unlocked positions by a user using a key. The lock barrel has two projections that are positioned to interfere with and substantially prevent the movement of the handle to the open position when the lock barrel is in the locked position.