LaSalle Hotel selects Blackstone’s $4.8b bid over Pebblebrook

LaSalle Hotel Properties announced its board of trustees has determined the proposal from Pebblebrook Hotel Trust received on June 11 to acquire the company does not constitute, and could not reasonably be expected to lead to, a “superior proposal” as defined in LaSalle’s definitive agreement with affiliates of Blackstone Real Estate Partners VIII.
Under the terms of the Blackstone Merger Agreement, which LaSalle Hotel entered into…

LaSalle Hotel selects Blackstone’s $4.8b bid over Pebblebrook
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