Keyword: Blackstone Group
Blackstone Mortgage Trust, a subsidiary of Blackstone Group, supplied three loans to Highgate totaling $247.57 million to acquire the New York hotel.
Major U.S. single-asset deals during the third quarter totaled approximately $6.4 billion with an average sale price of $419,000.
The loan will provide funding for the proposed merger, as well as financing to pay off outstanding debt owed by LaSalle, as well as other transaction closing costs.
With the planned acquisition of LaSalle imminent, Pebblebrook is looking to offload as much as $1 billion in assets.
Investors remain eager to take part in the Mediterranean’s resort segment, but are being stymied by the lack of quality product coming onto the market.
LaSalle’s board of trustees decided that Pebblebrook’s offer constituted a "superior proposal" as defined in the Blackstone merger agreement.
With just over two weeks to go before LaSalle Hotel Properties votes on an acquisition offer from Blackstone, Pebblebrook Hotel Trust has upped the ante again.
The company reportedly is selling the hotel portfolio in order to raise money following its seizure by the Chinese government.
Square Mile Capital has acquired four Embassy Suites by Hilton hotels in Massachusetts, Colorado, Florida and Arizona from Blackstone Group.
If LaSalle's board of trustees considers Pebblestone's latest offer to be a superior proposal, the Blackstone agreement could be in jeopardy.