Blackstone Group LP agrees to $4.8 billion deal to buy LaSalle Hotel Properties.
Luxury-hotel owner La Salle Hotel Properties revealed accepting to be bought by Blackstone for $4.8 billion including debt.
After the deal was announced, Pebblebrook made a fourth proposal that placed a higher value on the company. This proposal, as well as around 20 other offers from potential buyers, was rejected by LaSalle that finally approved Blackstone’s.
“After careful consideration of multiple proposals received, the board determined that this transaction represents the most compelling opportunity for LaSalle’s shareholders, as it delivers a significant premium with immediate and certain cash value,” said LaSalle Chairman Stuart L. Scott of the Blackstone offer.
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