LaSalle Hotel Properties Receives Proposal From Pebblebrook Hotel Trust

(RTTNews) - LaSalle Hotel Properties (LHO) confirmed it has received a proposal from Pebblebrook Hotel Trust (PEB) to acquire LaSalle in a transaction with consideration of 0.92 common shares of Pebblebrook per common share of LaSalle, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 30% in aggregate of the consideration, subject to pro ration. The Board of LaSalle Hotel Properties expects to respond to Pebblebrook's proposal in due course.

On May 21, LaSalle entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone will acquire all outstanding common shares of beneficial interest of LaSalle for $33.50 per share in an all-cash transaction valued at $4.8 billion.