Blackstone Agrees to $4.8 Billion LaSalle Hotel Deal - Bloomberg.com
Blackstone's checking out of Hilton and into LaSalle.
Just days after announcing plans to sell the last of its HLT:US" title="Company Profile" target="_blank" rel="noopener">Hilton Worldwide Holdings Inc. shares, BX:US" title="Company Profile" target="_blank" rel="noopener">Blackstone Group LP has agreed to buy luxury hotel owner LHO:US" title="Company Profile" target="_blank" rel="noopener">LaSalle Hotel Properties, according to people with knowledge of the matter. The all-cash transaction values LaSalle at $33.50 a share, or $4.8 billion including debt, said the people, who asked not to be identified because the deal is confidential. Representatives for Blackstone and LaSalle declined to comment.
The agreement represents a premium of almost 35 percent above LaSalle's share price on March 27, the day before its smaller rival, PEB:US" title="Company Profile" target="_blank" rel="noopener">Pebblebrook Hotel Trust, announced a proposed all-stock deal for LaSalle, the owner of 41 luxury hotels. What Blackstone is offering is more than double the 14.7 percent median premium applied to U.S. real estate investment trust transactions over $1 billion in size over the past five years, according to Goldman Sachs Group Inc. data.
