The board of LaSalle Hotel Properties has unanimously rejected Pebblebrook Hotel’s Trust proposal. The Board determined that the proposal is insufficient from both a price and mix of consideration perspective and is therefore not in the best interests of LaSalle Hotel Properties’ shareholders. Pebblebrook said the company is prepared to engage in discussions around price and mix of consideration as warranted by due diligence.
Pebblebrook also released two letters, dated March 6, 2018, and March 20, 2018, to LaSalle Hotel Properties in which the company proposed a share-for-share merger.
If the two hotel owners merge, it would form the second-biggest lodging real estate investment trust in the United States, Pebblebrook said.