HG Vora Capital Management LLC backed the revised takeover offer by Pebblebrook Hotel Trust for LaSalle Hotel Properties in a letter addressed to LaSalle's board of trustees.
The activist hedge fund, which holds 10.0 million shares, or 9.1%, of LaSalle's common stock, said the revised offer, with an implied price of $37.80 per common share of LaSalle, constituted a superior proposal to the all-cash offer made by an affiliate of Blackstone Group LP.
HG Vora, which has been in talks with the company regarding its sale and other strategic options, said it was available to discuss the matter in more detail with the trustees.
