LaSalle Board To Respond To Pebblebrook's Proposal In Due Course - Quick Facts

(RTTNews) - LaSalle Hotel Properties (LHO) confirmed it received a proposal from Pebblebrook Hotel Trust (PEB) to acquire LaSalle in a transaction with consideration of 0.92 common shares of Pebblebrook per common share of LaSalle, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 20% in aggregate of the consideration, subject to pro ration.

LaSalle previously entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone would 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.

LaSalle said its Board will carefully review Pebblebrook's proposal. The Board expects to respond to Pebblebrook's proposal in due course. LaSalle advised its shareholders to take no action at the current time.