Pebblebrook makes ‘final’ offer to buy LaSalle Hotel Properties

Pebblebrook Hotel Trust has raised its bid to buy Bethesda, Md.-based neighbor LaSalle Hotel Properties for the second time in two weeks.

Pebblebrook is now offering to acquire LaSalle in a deal valued at $3.7 billion, up from its $3.6 billion offer earlier this week.

LaSalle issued a statement saying its board would review the offer.

LaSalle rejected Pebblebrook’s original, unsolicited acquisition offer in March.

If approved, the two firms merging would create the second-largest lodging REIT in the U.S., according to Bloomberg data.

Other firms interested in LaSalle include Blackstone, Starwood Capital Group, Brookfield Property Partners, and publicly traded real estate investment trusts Park Hotels & Resorts and Sunstone Hotel Investors, according to Bloomberg.