BETHESDA, Md.--(BUSINESS WIRE)--LaSalle Hotel Properties (NYSE:LHO) today announced that its Board of Trustees has determined that the unsolicited proposal received from Pebblebrook Hotel Trust (NYSE: PEB) on July 20, 2018 to acquire the Company, which contained substantially identical terms as the unsolicited proposal received from Pebblebrook on June 11, 2018, does not constitute, and could not reasonably be expected to lead to, a “Superior Proposal” as defined in LaSalle’s merger agreement with affiliates of Blackstone Real Estate Partners VIII.
As previously announced on May 21, 2018, LaSalle entered into the Blackstone Merger Agreement, 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.
The Board remains committed to completing the Blackstone transaction, which is subject to customary closing conditions, including the approval of LaSalle’s shareholders. In that regard, and as separately announced, the Company today filed its definitive proxy statement with the Securities and Exchange Commission (the “SEC”), which includes the Board’s unanimous recommendation that LaSalle shareholders vote “FOR” the proposal to approve the merger and the other transactions contemplated by the Blackstone Merger Agreement by voting the WHITE proxy card.
LaSalle’s Special Meeting of Shareholders is scheduled to take place on September 6, 2018 at the Sofitel Washington DC Lafayette Square, 806 15th Street NW, Washington, DC 20005 at 10:00 a.m., local time. All LaSalle shareholders of record as of the close of business on July 20, 2018 will be entitled to vote their shares either in person or by proxy at the shareholder meeting.
If you have any questions, require assistance with voting your WHITE proxy card, or need additional copies of the proxy materials, please contact:
About LaSalle Hotel Properties
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 41 properties, which are upscale, full-service hotels, totaling approximately 10,400 guest rooms in 11 markets in seven states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale, full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging groups, including Access Hotels & Resorts, Accor, Benchmark Hospitality, Davidson Hotel Company, Evolution Hospitality, HEI Hotels & Resorts, Highgate Hotels, Hilton, Hyatt Hotels Corporation, IHG, JRK Hotel Group, Inc., Marriott International, Noble House Hotels & Resorts, Outrigger Lodging Services, Provenance Hotels, Two Roads Hospitality, and Viceroy Hotel Group.
