Bethesda Doubletree. Photo by Pebblebrook
BETHESDA, MD–Not even 24 hours after LaSalle Hotel Properties decided that Pebblebrook Hotel Trust made a superior offer, the two lodging REITs announced they had entered in a definite merger agreement in a transaction valued at $5.2 billion.
As part of the deal Pebblebrook will acquire 100% of LaSalle's outstanding common shares; meanwhile LaSalle has terminated its merger agreement with Blackstone Group.
Under the terms of the Pebblebrook-LaSalle agreement, each LaSalle shareholder will receive either a fixed amount of $37.80 in cash or a fixed exchange ratio of 0.92 Pebblebrook common share. A maximum of 30% of the outstanding LaSalle common shares may be exchanged for cash.
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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.
