Park Central Hotel in New YorkBETHESDA, MD–After a hard-fought battle, Pebblebrook Hotel Trust has completed its $5.2 billion acquisition of LaSalle Hotel Properties. Shareholders for both REITs approved the transaction last week.
Under the terms of the Pebblebrook-LaSalle agreement, each LaSalle shareholder is receiving 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.
According to LaSalle president and CEO Michael D. Barnello, the transaction represents a 48% premium to LaSalle's unaffected share price.
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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.
