A LaSalle Hotel holding
BETHESDA, MD–It was Pebblebrook Hotel Trust's last acquisition offer that did the trick for LaSalle Hotel Properties. In mid August Pebblebrook sweetened its bid yet again for its rival hotel REIT and last week LaSalle finally acknowledged that Pebblebrook was in the running, after several refusals to consider its proposals.
Besides LaSalle's determination that Pebblebrook's bid could lead to a superior proposal another shift came from shareholder advisory firms Glass Lewis & Co and ISS, both of which recommended last month that LaSalle shareholders oppose the Blackstone deal.
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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.
