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Pebblebrook Continues to Pursue LaSalle Hotel Properties
Bethesda, MD-based Pebblebrook Hotel Trust submitted a revised merger proposal for a strategic combination with LaSalle Hotel Properties. The most recent bid is similar to what it offered in May, though it increased the value of LaSalle’s shares to $37.80 each from the previous offer of $35.89/share.
The offer provides a premium of 13% over the $33.50 per share price in LaSalle’s agreement reached last month with Blackstone. LaSalle shareholders can also receive up to 20% of the deal’s value in cash. Pebblebrook’s offer takes into account the $112 million cost of the termination fee LaSalle agreed to pay to Blackstone.
Pebblebrook Hotel Trust’s Jon E. Bortz says, “The Board of Pebblebrook remains convinced that a strategic combination with LaSalle represents a value-maximizing opportunity for the shareholders of both LaSalle and Pebblebrook. Our offer is without a doubt a superior proposal to the sale agreement LaSalle executed with Blackstone.”
LaSalle confirmed receipt of the offer and indicated its board plans to “carefully review Pebblebrook’s proposal,” but advised shareholders “to take no action at this time.”
For comments, questions or concerns, please contact Dennis Kaiser
*Pictured Westin Michigan Chicago hotel
- ◦Sale/Acquisition
