lasalle hotel properties
LaSalle Hotel Properties Board of Trustees Reaffirms Support for Blackstone Transaction
LaSalle Hotel Properties | June 18, 2018
BETHESDA, Md.--Jun. 18, 2018 -- LaSalle Hotel Properties (NYSE:LHO) ("LaSalle" or the "Company") today announced that its Board of Trustees (the "Board") has determined that the proposal from Pebblebrook Hotel Trust (NYSE:PEB) ("Pebblebrook") received on June 11, 2018 to acquire the Company (the "Pebblebrook Proposal") does not constitute, and could not reasonably be expected to lead to, a "Superior Proposal" as defined in LaSalle's definitive agreement with affiliates of Blackstone Real Estate Partners VIII (the "Blackstone Merger Agreement"). Under the terms of the Blackstone Merger Agreement, which the Company entered into on May 20,...
Pebblebrook Responds to LaSalle – Blackstone Merger
Pebblebrook Hotel Trust | May 21, 2018
BETHESDA, Md--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today responded to LaSalle Hotel Properties' ("LaSalle") announcement that it has entered into a merger agreement with Blackstone at a price of $33.50 per share, a significantly lower price than Pebblebrook has been willing to pay. Pebblebrook is proposing to merge with LaSalle at a fixed exchange ratio of 0.9200 Pebblebrook common share for each LaSalle common share, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 20% in the aggregate (subject to pro rata cutbacks). Based on Pebblebrook's closing share price on May 18, 2018, this impl...
LaSalle Hotel Properties to Be Acquired by Blackstone for $33.50 per Share in $4.8 Billion Transaction
LaSalle Hotel Properties | May 21, 2018
BETHESDA, Md., May 21, 2018 – LaSalle Hotel Properties (NYSE: LHO) ("LaSalle" or the "Company") today announced 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, which has been unanimously approved by LaSalle's Board of Trustees (the "Board"), represents a premium of approximately 35 percent over LaSalle's unaffected share price of $24.84 as of March ...
LaSalle Hotel Properties Board of Trustees Confirms Unanimous Rejection of Unsolicited Proposal from Pebblebrook Hotel Trust
LaSalle Hotel Properties | March 28, 2018
Grossly Inadequate Proposal Significantly Undervalues LaSalle and is Not in the Best Interests of Shareholders LaSalle Reiterates Confidence in its Ability to Deliver Exceptional Value to Shareholders Emphasizes Commitment to Previously Announced Share Repurchase Program Announces Dividend Policy for 2018 BETHESDA, Md. - March 28, 2018 - LaSalle Hotel Properties (NYSE: LHO) ("LaSalle" or the "Company") today confirmed that its Board of Trustees (the "Board") unanimously rejected an unsolicited proposal received on March 6, 2018 from Pebblebrook Hotel Trust (NYSE: PEB) ("Pebblebrook") to acquire all outstanding shares of LaSalle in...
Pebblebrook Hotel Trust Releases Letters to LaSalle Hotel Properties Proposing Merger
Pebblebrook Hotel Trust | March 28, 2018
BETHESDA, Md. - March 28, 2018 - Pebblebrook Hotel Trust (NYSE: PEB) ("Pebblebrook") today released two letters, dated March 6, 2018 and March 20, 2018, to LaSalle Hotel Properties (NYSE: LHO) ("LaSalle") in which Pebblebrook proposed a share-for-share merger. The proposal represented an implied merger price of $30.001 per LaSalle common share, representing a premium of 18.0% to LaSalle's trailing 10-day VWAP as of March 5, 2018, based on the proposed fixed exchange ratio of 0.8655 Pebblebrook common shares for each LaSalle common share. As of the close on March 27, 2018, the implied merger price was $29.952 per LaSalle common share...
Q3 2017 Financial Reports Round Up Part 1: IHG, AccorHotels, LaSalle
October 20, 2017
AccorHotels reports strong third quarter revenue increases, up 6.4%, and are confident of meeting full-year 2017 operating profit guidance at the upper end of the €460 million ($542.1 million) to €480 million ($566 million), as announced in July. InterContinental Hotels Group saw a 2.3% increase in revenue per available room; Globally opened 11K rooms, increasing net system size 4.1% YoY to 786K rooms; Future growth includes 20K rooms (137 hotels) signed; pipeline of 235K rooms LaSalle Hotel Properties saw a 79.6% decline in net income to $31.1 million primarily due to challenges as a result of resort closeures from hurricanes...
LaSalle Hotel Properties Reports Q1 2017 Net Income of $76.1 Million a 1,168.3% Increase Over 2016
LaSalle Hotel Properties | April 20, 2017
BETHESDA, Md.--LaSalle Hotel Properties (NYSE: LHO) today announced results for the quarter ended March 31, 2017. The Company's results include the following: First Quarter 2017 2016 % Var. ($'s in millions except per share/unit data) Net income attributable to common shareholders(1) $ 76.1 $ 6.0 1,168.3% Net income attributable to common shareholders per diluted share(1) $ 0.67 $ 0.05 1,240.0% RevPAR(2) $ 177.56 $ 175.03 1.4% Hotel EBITDA Margin(2) 27.5% 27.0% Hotel EBITDA Margin Growth(2) 50 bps Total Revenues $ 254.4 $ 260.1 -2.2% EBITDA(1,2) $ 135.6 $ 62.9 115.6% Adjusted EBITDA(2) $ 61.8 $ 65.0 -4.9% Note: Adjusted EBITDA in th...
LaSalle Hotel Properties Announces Two Asset Sales; Under Contract to Sell a Third Hotel for a Combined Total of $218.9 Million
LaSalle Hotel Properties | April 3, 2017
BETHESDA, Md.--LaSalle Hotel Properties (NYSE: LHO) today announced it has sold two hotel assets and is under contract to sell a third hotel for a combined $218.9 million of proceeds: Lansdowne Resort for $133.0 million. The Company acquired the resort in June 2003 for $115.8 million. Alexis Hotel for $71.6 million. The Company acquired the hotel in June 2006 for $38.0 million. Hotel Triton is under contract for $14.25 million. The Company expects the sale to close in April 2017. The Company acquired the hotel in August 2013 for $10.9 million. The Company will use proceeds from the asset sales to redeem the $68.8 million outstandin...
