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LaSalle Hotel Properties discloses termination fees in Blackstone merger

LaSalle Hotel Properties disclosed termination provisions in connection with its planned buyout by affiliates of Blackstone Group LP

If the merger agreement is terminated, under certain circumstances, LaSalle will be required to pay $112 million to a Blackstone affiliate, BRE Landmark Parent LP. In other conditions, the Blackstone affiliate will be required to pay $336 million in termination fees to LaSalle.

BRE Landmark Parent LP is an affiliate of Blackstone Real Estate Partners VIII LP, which has guaranteed certain payment obligations of BRE Landmark under the merger agreement of up to $336 million..