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A LaSalle Hotel holding

BETHESDA, MD–Pebblebrook Hotel Trust sent the Board of Directors of LaSalle Hotel Properties a reminder and a request: it is interested in a combination between the two hotel REITs and it wants the LaSalle Board reevaluate its proposal “given the current facts and circumstances” and determine it to be “Superior.”

Pebblebrook noted that LaSalle has neither filed a definitive proxy nor set a meeting date to put the deal to a vote. The reason, as Pebblebrook strongly implies, is because LaSalle shareholders don’t want the proposed Blackstone acquisition. “It is absolutely clear that LaSalle shareholders will not approve LaSalle’s merger with Blackstone,” Pebblebrook said in a letter to LaSalle’s Board. “We strongly believe that LaSalle shareholders will readily approve a strategic combination of our two companies on the terms set forth in our offer, if you give them a chance to do so.”

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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.

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