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Blackstone buying LaSalle Hotel Properties in $4.8B deal

Affiliates of private equity giant Blackstone Group LP's Blackstone Real Estate Partners VIII signed an agreement to acquire LaSalle Hotel Properties in an all-cash deal worth $4.8 billion.

Blackstone will acquire all outstanding common shares of beneficial interest of the hotel real estate investment trust for $33.50 apiece.

The transaction has unanimous approval from LaSalle's board of trustees.

More details to follow...