Blackstone Acquiring LaSalle Hotels in $4.8B Deal

LaSalle Hotel Properties is being acquired by affiliates of Blackstone Real Estate Partners VIII in an all-cash transaction valued at $4.8 billion. Blackstone will claim all outstanding common shares of LaSalle for $33.50 per share.

The transaction has been unanimously approved by LaSalle’s Board, and represents a premium of roughly 35% over LaSalle’s unaffected share price of $24.84 as of March 27, 2018.

LaSalle’s board chair Stuart L. Scott says, “After careful consideration of multiple proposals received, the Board determined that this transaction represents the most compelling opportunity for LaSalle’s shareholders, delivering a significant premium with immediate and certain cash value.”

The transaction is expected to close in Q3 2018. The deal needs LaSalle’s shareholders approval, but is not contingent on financing.

Morgan Stanley & Co. LLC and J.P. Morgan are acting as financial advisors, and Eastdil Secured LLC is acting as real estate advisor to Blackstone. Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC is advising LaSalle.

Blackstone just divested its holdings in Hilton last week.

*Pictured Westin Michigan Chicago hotel

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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