Blackstone to buy LaSalle Hotel for $3.7 billion

Blackstone to buy LaSalle Hotel for $3.7 billion

Private-equity firm Blackstone said on Monday it would buy U.S. hotel owner LaSalle Hotel Properties for $3.7 billion, topping a rival bid from Pebblebrook Hotel Trust in April for $3.5 billion. The deal values LaSalle at $33.50 per share compared with Pebblebrook’s offer of $31.75 per share and represents a premium of 5 percent to LaSalle’s closing price on Friday. Pebblebrook raised its offer in April after LaSalle rejected it a previous bid, saying it…

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