BETHESDA, Md.--(BUSINESS WIRE)--Pebblebrook Hotel Trust (NYSE:PEB) today reminded current and future beneficial owners of common shares of LaSalle Hotel Properties (NYSE:LHO) that, in accordance with the terms of the merger agreement between Pebblebrook and LaSalle, the deadline to elect to receive a portion of the merger consideration in the form of cash is after the record date for the scheduled special meetings of Pebblebrook’s and LaSalle’s shareholders.
Although the record date for the special meetings is October 23, 2018, owners of LaSalle common shares may submit an election form, and submit superseding election forms if desired, to elect to receive cash up until 5:00 p.m. on November 26, 2018, which is the day before the special meetings are to be held. However, because banks, brokerage firms and other nominees may, pursuant to their own procedures, establish earlier election deadlines for their clients or customers who beneficially own LaSalle common shares in “street name,” Pebblebrook strongly encourages all current and future (purchasing after the record date) beneficial owners of LaSalle common shares to read carefully any materials they receive from their bank, brokerage firm or other nominee and to follow the procedures established by their bank, brokerage firm or other nominee in order to make an election.
In accordance with the terms of the merger agreement, upon completion of the merger, which is anticipated to occur on November 30, 2018, each LaSalle common share then outstanding will receive either a fixed amount of $37.80 in cash or a fixed exchange ratio of 0.92 Pebblebrook common share, depending on its record holder’s election if properly completed and submitted by the election deadline described above. A maximum of 30% of the outstanding LaSalle common shares may be exchanged for cash (and elections of cash will be subject to pro rata cutbacks if holders of more than 30% of the outstanding LaSalle common shares elect cash).
As previously announced, the registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission (“SEC”) in connection with the proposed merger, of which the preliminary joint proxy statement/prospectus is a part, is expected to be declared effective by the SEC on October 29, 2018. On that date, Pebblebrook expects to file and begin mailing to its shareholders the definitive joint proxy statement/prospectus.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. The Company owns 28 hotels, with a total of 6,973 guest rooms. The Company owns hotels located in 9 states and the District of Columbia, including: Los Angeles, California (Beverly Hills, Santa Monica and West Hollywood); San Diego, California; San Francisco, California; Washington, DC; Coral Gables, Florida; Naples, Florida; Buckhead, Georgia; Boston, Massachusetts; Minneapolis, Minnesota; Portland, Oregon; Philadelphia, Pennsylvania; Nashville, Tennessee; Columbia River Gorge, Washington; and Seattle, Washington. For more information, please visit us at www.pebblebrookhotels.com and follow us on Twitter at @PebblebrookPEB.
