Economic news

Blackstone to buy LaSalle Hotel for $4.8 bln

LaSalle Hotel Properties decided to sell itself to private equity firm Blackstone Group LP for $3.7 billion in cash, overpassing a rival bid from Pebblebrook Hotel Trust in April for $3.5 billion.

LaSalle is valued at $33.50 per share, while Pebblebrook's offer values the U.S. hotel owner at $35.89 per share based on Friday's close.

Analysts consider that Blackstone offer provides immediate and certain cash value, while Chairman of the Board of LaSalle said the deal represents the culmination of a thorough review of strategic alternatives.

Shares in LaSalle jumped 5.2 percent to $33.55 in premarket trading on Monday, while shares of Blackstone were slightly up.

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