Keyword: LaSalle Hotel Properties
The historic Marker San Francisco Hotel, a Joie de Vivre property, updated its public spaces to celebrate its early days while stepping into the 21st century.
Blackstone Mortgage Trust, a subsidiary of Blackstone Group, supplied three loans to Highgate totaling $247.57 million to acquire the New York hotel.
These are the first two sales from the Maryland-based real estate investment trust following its $5.2 billion merger with LaSalle Hotel Properties in November.
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.
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 new-build property, managed by AccorHotels Group, is schedued to open on July 2.
If LaSalle's board of trustees considers Pebblestone's latest offer to be a superior proposal, the Blackstone agreement could be in jeopardy.
Blackstone has agreed to buy REIT LaSalle Hotel Properties in an all-cash deal valued at $4.8 billion, or $33.50 per share.