Pebblebrook increases offer to merge with LaSalle Hotel Properties
Pebblebrook Hotel Trust has increased its offer for LaSalle Hotel Properties. Under the enhanced terms, Pebblebrook has increased the number of LaSalle common shares that may receive $37.80 in cash per share to up to 30 percent of LaSalle common shares in aggregate, representing a 50 percent increase in the number of shares that may receive cash compared to Pebblebrook’s prior offer
“The terms of our enhanced offer are clearly superior to the Blackstone proposal, as was our prior offer. It provides enhanced certainty to LaSalle’s shareholders through the increased fixed-cash portion, which also increases the overall value we are delivering to LaSalle’s shareholders,” said Jon E. Bortz, chairman, president/CEO of Pebblebrook Hotel Trust.
LaSalle has spurned previous offers from Pebblebrook, and LaSalle shareholders are scheduled to vote on the proposed sale to Blackstone on Sept. 6.
On May 21, 2018, LaSalle entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone will acquire all outstanding common shares of LaSalle for $33.50 per share in an all-cash transaction valued at $4.8 billion including debt.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The company owns 41 properties, which are upscale, full-service hotels, totaling approximately 10,400 guest rooms in 11 markets in seven states and the District of Columbia.
