WASHINGTON — Bethesda-based Pebblebrook Hotel Trust has completed its $5.2 billion acquisition of Bethesda-based LaSalle Hotel Properties, and has sold five former LaSalle hotel properties for $820.8 million in gross proceeds.
Pebblebrook plans to sell up to $1.25 billion worth of LaSalle properties it has inherited over the next year to reduce its debt.
LaSalle agreed to be acquired by Pebblebrook in September after a monthslong bidding war between Pebblebrook and New York investor The Blackstone Group.
Pebblebrook Hotel Trust was founded in 2009 by Jon Bortz, who was chief executive at LaSalle Hotel Properties from 2001 to 2009. Bortz serves as chairman and chief executive officer for the merged companies.
The combined company creates a hotel real estate investment trust with 64 upscale hotels, including several Kimpton-managed properties.
Pebblebrook’s portfolio includes the Hotel Monaco in D.C. LaSalle owns 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 the Topaz Hotel.
