Bethesda Doubletree. Photo by PebblebrookBETHESDA, MD–This is a shift. Up until now LaSalle Hotel Properties had steadfastly rejected Pebblebrook Hotel Trust's numerous offers, offering no hope that it might opt to be acquired by its rival hotel REIT. Instead it has remain fixed on Blackstone's offer to acquire it for $33.50 per share in an all-cash transaction valued at $4.8 billion.
That position changed with Pebblebrook's latest bid made on Aug. 21, 2018.
LaSalle's Board of Trustees has determined that the unsolicited, non-binding proposal it received from Pebblebrook last week could reasonably be expected to lead to a “Superior Proposal” as defined in LaSalle's merger agreement with affiliates of Blackstone Real Estate Partners VIII.
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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.
