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Blackstone Agrees to $4.8 Billion LaSalle Hotel Deal

  • LaSalle agrees to be bought by Blackstone in $4.8 billion deal
  • Pebblebrook made four offers, all rejected by LaSalle
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Blackstone Group LP has won the war for LaSalle Hotel Properties, but rival Pebblebrook Hotel Trust isn’t giving up the fight.

Luxury-hotel owner LaSalle agreed to be bought by Blackstone for $33.50 a share in cash, or $4.8 billion including debt. After the deal was announced, Pebblebrook revealed it had made a fourth proposal -- which was among the bids rejected by LaSalle, according to people with knowledge of the matter -- that places a higher value on the company, $36.55 a share based on Pebblebrook’s current stock price.