RLJ Lodging reportedly rejects $3b bid from Blackstone

RLJ Lodging Trust recently rejected a $24-a-share acquisition offer worth $3 billion from Blackstone Group, according to media reports.

RLJ and FelCor Lodging Trust in April agreed to merge in a deal that would create an entity worth about $4.2 billion and house about 160 hotels.

The purchase by Blackstone would put an end to the merger. For now, a shareholder vote on the FelCor purchase is set for August.