LaSalle Hotel Properties To Be Acquired By Blackstone In $4.8 Bln Deal

(RTTNews) - LaSalle Hotel Properties (LHO) said that it has entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone, a leading global asset manager, will acquire all outstanding common shares of beneficial interest of LaSalle for $33.50 per share in an all-cash transaction valued at $4.8 billion.

The transaction represents a premium of approximately 35 percent over LaSalle's unaffected share price of $24.84 as of March 27, 2018, the day before the public announcement of a proposal to acquire the Company in an all-stock transaction.

The purchase price also represents a premium of approximately 13 percent to LaSalle's consensus net asset value of $29.64 per share per FactSet as of May 18, 2018.

Completion of the transaction, which is expected to occur in the third quarter of 2018, is contingent upon customary closing conditions, including the approval of LaSalle's shareholders. The transaction is not contingent on receipt of financing.

The company expects to pay a quarterly dividend of $0.225 per common share of beneficial interest for the quarter ending June 30, 2018.