Keyword: Pebblebrook Hotel Trust
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.
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.
Is there a correlation between the stock performance of hotel C-corps and returns for hotel owners? Maybe—maybe not.
If LaSalle ends up accepting Pebblebrook's revised proposal, it may come down to one CEO conceding to the other. But is private equity in play?
Pebblebrook claimed that the two companies combined would form the second-largest REIT in the country.