Pebblebrook closes acquisition of LaSalle

Pebblebrook Hotel Trust officially closed its $5.2 billion acquisition of fellow Bethesda hospitality REIT LaSalle Hotel Properties on Friday, ending a long pursuit that was months in the making.

Shareholders from both companies signed off on terms of the deal — a mix of stock and cash — earlier last week.

The combined company now bills itself as the largest owner of independent, lifestyle hotels with 64 properties in its portfolio.

LaSalle (NYSE: LHO) shareholders were given 0.92 shares of Pebblebrook (NYSE: PEB) stock per share of LaSalle stock or the cash equivalent of $37.80 per share — which LaSalle claims is a 48 percent premium over its stock price before merger rumors first caused it to sway.

The cash component of the deal is fixed at approximately $1.3 billion, according to Securities and Exchange Commission filings. Roughly 77 percent of LaSalle’s shareholders elected to receive cash, while about 23 percent elected to receive shares, did not make an election or…

Read the full story from the Washington Business Journal.