BETHESDA, MD–This morning Pebblebrook Hotel Trust announced that last week it had made an offer to acquire LaSalle Hotel Properties in an all-stock offer at price that equates to $28.69 per share, according to RBC Capital Market's calculations. LaSalle rejected the offer, which would have valued it at around $3 billion, stating in a letter that the proposal was “insufficient from both a price and mix of consideration perspective.”
A successful merger of the two REITs would create the second-largest lodging REIT in the US, according to Pebblebrook.
Pebblebrook said it has already acquired 4.8% of LaSalle shares.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
