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In March of this year, Pebblebrook Hotel Trust approached rival hotel REIT LaSalle Hotel Properties with an all-stock acquisition offer. LaSalle demurred and then demurred again as Pebblebrook made two additional offers. In the meantime, LaSalle was doing its due diligence. It contacted 20 potential buyers, according to chairman of the board Stuart L. Scott. Ten potential buyers were interested enough to execute confidentiality agreements to receive non-public information. In the end, LaSalle agreed to be acquired—but not by Pebblebrook. Rather, some two months after Pebblebrook made its initial offer for LaSalle, the REIT accepted Blackstone Real Estate Partners VIII’s $33.50-per-share bid in an all-cash transaction valued at $4.8 billion.

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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