Blackstone to buy LaSalle Hotel for $3.7 billion
Updated : May 21, 2018 06:08 PM IST
The deal values LaSalle at $33.50 per share compared with Pebblebrook's offer of $31.75 per share and represents a premium of 5% to LaSalle's closing price on Friday.
Pebblebrook raised its offer in April after LaSalle rejected it a previous bid, saying it undervalued the owner of high-end locations including 'W' Los Angeles.
Blackstone usually buys hotels and other real estate holdings at a discount, restructures them and sells for a profit.
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