Pebblebrook Sends Letter Reconfirming Offer For Combination With Lasalle

Pebblebrook Hotel Trust (PEB) said that on Friday, it sent a letter to the Board of Trustees of LaSalle Hotel Properties (LHO) to reconfirm its proposal for a strategic combination of the two companies, which remains outstanding, request that the LaSalle Board reevaluate the company’s proposal given the current facts and circumstances, and that LaSalle determine it to be “Superior.”

“We are reconfirming our outstanding offer and requesting that the LaSalle Board reevaluate the merits of our proposal in light of material changes in facts and circumstances, including continued improvement in lodging industry performance, the fact that LaSalle common shares have consistently traded at a substantial premium to the Blackstone price since LaSalle announced that agreement, the continued strong price performance of Pebblebrook common shares and overwhelming ongoing support among LaSalle shareholders for our proposal,” said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust.

by RTTNews Staff Writer

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