Blackstone to Buy LaSalle Hotel Properties

Blackstone Real Estate Partners VIII has entered into a deal where it will acquire all outstanding shares of LaSalle Hotel Properties in an all-cash transaction valued at $4.8 billion.

The transaction has been unanimously approved by LaSalle's Board of Trustees.  “We are pleased to have reached this agreement with Blackstone, which we believe is in the best interests of our shareholders and represents the culmination of a thorough review of strategic alternatives,” said Stuart L. Scott, chairman of the board. “…After careful consideration of multiple proposals received, the board determined that this transaction represents the most compelling opportunity for LaSalle’s shareholders, delivering a significant premium with immediate and certain cash value.”

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.  

Tyler Henritze, head of US real estate acquisitions for Blackstone, said, “We are thrilled to acquire LaSalle and have the opportunity to invest in its high-quality urban hotel portfolio.”

LaSalle Hotel Properties is a multi-operator real estate investment trust. The company owns 41 properties, which are upscale, full-service hotels, totaling approximately 10,400 guest rooms in 11 markets in seven states and the District of Columbia.