WASHINGTON — Bethesda-based LaSalle Hotel Properties, which owns dozens of upscale hotels, including several Kimpton properties in the D.C. area, will be acquired by New York investment group Blackstone Group LP in a deal worth $4.8 billion.
It thwarts Bethesda-based Pebblebrook Hotel Trust’s offer to buy LaSalle for $3.7 billion.
The news comes three days after Blackstone said it would sell the last of its Hilton Worldwide Holdings shares, worth $1.3 billion. Blackstone has been a Hilton investor for 11 years. It is considered the most successful private equity deal on record, according to Bloomberg News.
“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 of LaSalle.
LaSalle’s board and its advisers contacted 20 potential buyers.
The Blackstone acquisition is expected to close in the third quarter, though it still needs approval of LaSalle shareholders.
LaSalle’s local hotels include D.C.’s Hotel George, Hotel Madera, Hotel Palomar, Hotel Rouge, Liaison Capitol Hill, Mason & Rook Hotel, the Sofitel at Lafayette Square, The Donovan and Topaz Hotel.
