Pebblebrook almost doubles stake in LaSalle Hotel Properties to 9%
Pebblebrook almost doubles stake in LaSalle Hotel Properties to 9%
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Pebblebrook almost doubles stake in LaSalle Hotel Properties to 9%
Shares of LaSalle Hotel Properties rose 0.3% in morning trade Monday, after the company confirmed that it received a buyout proposal from fellow real estate investment trust Pebblebrook Hotel Trust that at Friday's closing prices represents an 11% premium to Blackstone Group LP's $4.8 billion bid. Pebblebrook's stock slid 1.2%. LaSalle said the bid from Pebblebrook was for LaSalle shareholders to receive for 0.92 common shares of Pebblebrook for each LaSalle share they own, with the option for LaSalle shareholders to receive cash up to 20% of the total consideration. Based on Friday's closing price of $40.44 for Pebblebrook's stock, the bid would be valued at $37.20, which would give LaSalle a market capitalization of about $4.11 billion. On May 21, LaSalle agreed to be bought by Blackstone for $33.50 a share in cash. In April, LaSalle said it had received an unsolicited buyout bid from Pebblebrook, in which LaSalle shareholders would received 0.9085 Pebblebrook shares for each LaSalle share they owned. LaSalle's stock has rallied 15.4% over the past 12 months, while Pebblebrook shares have climbed 22.6%, the SPDR Real Estate Select Sector ETF has lost 0.4% and the S&P 500 has gained 14.4%.
Shares of LaSalle Hotel Properties rose 1.7% in premarket trade Tuesday, after real estate investment trust Pebblebrook Hotel Trust raised it buyout bid a second time in a week. Pebblebrook said it's current bid is for 0.9085 Pebblebrook shares for each LaSalle share outstanding, up from the exchange ratio of 0.8944 announced on April 16, and compared with the original exchange ratio of 0.8655 revealed on March 28. Based on Monday's closing prices, the current bid would be for $32.25 a share, or 3.5% above Monday's close of $31.16, and 30% above the March 27 close of $24.84. LaSalle rejected the initial unsolicited bid, saying it was "insufficient," and had said last week it would "carefully" review the revised bid. LaSalle shares had rallied 11.0% year to date through Monday, while Pebblebrook's stock had lost 4.5% and the S&P 500 had eased 0.1%.
Corrections & Amplifications for the edition of June 14, 2018.
The mergers-and-acquisition bug has hit the real-estate investment trust industry, the long-anticipated result of the discounts that REIT stocks have been trading at compared with the private-market valuations of their properties.
Pebblebrook Hotel Trust is offering about $4.17 billion to acquire LaSalle, its third pitch to buy the hotelier as it works to best a deal the company reached with private-equity firm Blackstone.
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U.S. REITs have been underperformers for the past two years— but as merger activity increases, some investors are giving them a look.
Plus, 13Ds filings made this week by 11 other companies.
Lodging REIT Pebblebrook Hotel Trust has revised its bid for LaSalle Hotel Properties, boosting the price and the potential cash payout percentage amid talk of competition from other potential bidders.
Plus, brief descriptions of 11 of last week’s SEC filings
Pebblebrook Hotel Trust boosts stake in LaSalle Hotel; LHO backs Blackstone deal
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Corrections & Amplifications for the edition of June 14, 2018.
The mergers-and-acquisition bug has hit the real-estate investment trust industry, the long-anticipated result of the discounts that REIT stocks have been trading at compared with the private-market valuations of their properties.
Pebblebrook Hotel Trust is offering about $4.17 billion to acquire LaSalle, its third pitch to buy the hotelier as it works to best a deal the company reached with private-equity firm Blackstone.
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Howard Lutnick’s Newmark Group has poached a senior hotel sales and financing team from rival Eastdil Secured in Newmark’s biggest talent grab since its initial public offering in December.
U.S. REITs have been underperformers for the past two years— but as merger activity increases, some investors are giving them a look.
LaSalle holder HG Vora boosts stake, urges sale to Pebblebrook
Pebblebrook Hotel Trust Announces Increased Ownership Position in LaSalle Hotel Properties and Reiterates Its Offer with Downside Protection and Upside Potential
LaSalle Hotel Properties Board of Trustees Reaffirms Support for Blackstone Transaction
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Blog Exposure - Pebblebrook Hotel Trust Makes a Revised Bid to Acquire Lasalle Hotel Properties
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Pebblebrook Hotel Trust Announces Inadvertent Disclosure of Draft Document
Pebblebrook Hotel Trust Provides Update on First Quarter 2018 Outlook
Pebblebrook Hotel Trust Schedules First Quarter 2018 Earnings Release and Conference Call
Pebblebrook Hotel Trust is a real estate investment trust, which engages in the investments and acquisition in hotel properties. it includes cities in United States, such as Atlanta, Boston, Los Angeles, Miami, Minneapolis, Nashville, Naples, Philadelphia, Portland, Santa Monica, San Diego, San Francisco, Seattle, and Washington. The company was founded by Jon E. Bortz on October 2, 2009 and is headquartered in Bethesda, MD. (See Full Profile)
Name | Chg % | Market Cap |
---|---|---|
LaSalle Hotel Properties | $3.9B | |
Host Hotels & Resorts Inc. | $15.78B | |
Chesapeake Lodging Trust | $1.92B | |
RLJ Lodging Trust | $3.89B | |
Summit Hotel Properties Inc. | $1.48B |