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A LaSalle Hotel holding

BETHESDA, MD–Pebblebrook Hotel Trust is not giving up on its fight to acquire LaSalle Hotel Properties. Instead the REIT is urging LaSalle shareholders to reject the proposed $4.8 billion or $33.50 per share offer by Blackstone in a preliminary proxy statement filed with the Securities and Exchange Commission. Pebblebrook argues that its latest offer “is substantially superior to LaSalle’s merger agreement with Blackstone,” according to a statement by CEO Jon Bortz. He adds that “The shareholders of LaSalle wholeheartedly agree with us as LaSalle’s shares continue to trade at prices well above Blackstone’s take-under price of $33.50.

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.

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