Pebblebrook, LaSalle Hotel Agree to $5.2B Merger
Pebblebrook Hotel Trust and LaSalle Hotel Properties jointly agreed to merge in a deal that would see Pebblebrook acquire 100% of LaSalle’s outstanding common shares. The transaction is valued at roughly $5.2 billion, and has been approved through a unanimous vote by Pebblebrook’s Board of Trustees and a unanimous vote by members of the LaSalle Board of Trustees present.
Under the terms, for each LaSalle common share owned, LaSalle shareholders will receive either a fixed amount of $37.80 in cash, or a fixed exchange ratio of 0.92 Pebblebrook common share.
LaSalle also terminated its previously announced merger agreement with affiliates of The Blackstone Group L.P. A special meeting of LaSalle shareholders previously scheduled for September 6, 2018 relating to the Blackstone-LaSalle Agreement was cancelled.
Upon closing, Pebblebrook will have a portfolio of 66 assets in or near 16 key urban markets, and will remain HQ’d in Bethesda, MD.
For comments, questions or concerns, please contact Dennis Kaiser
*Pictured Westin Copley Place Boston