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LaSalle to be acquired by Pebblebrook, terminates Blackstone deal

LaSalle Hotel Properties agreed to be acquired by Pebblebrook Hotel Trust in an approximately $5.2 billion deal, terminating its previous agreement to be acquired by affiliates of Blackstone Group LP.

Pebblebrook will acquire 100% of LaSalle's outstanding common shares for $37.80 per share in cash or for 0.92 Pebblebrook common share. Up to 30% of outstanding LaSalle shares may be exchanged for cash, with LaSalle shares that Pebblebrook already owns excluded from cash election.

Blackstone waived its four-day option to propose amendments to its deal with LaSalle, and LaSalle canceled its previously scheduled Sept. 6 special shareholder meeting to vote on the Blackstone deal.

More details to follow...