LaSalle Hotel's 3rd-Largest Shareholder Backs Pebblebrook's offer

LaSalle Hotel Properties' third-biggest shareholder, HG Vora Capital Management, said on Tuesday (June 12) that Pebblebrook Hotel Trust's revised offer for the US hotel owner was superior to Blackstone's $3.7 billion bid.

The hedge fund, which owns a 9.1% stake in the LaSalle, asked the company to consider Pebblebrook's offer and said it was available to discuss its views in more detail.

Pebblebrook on Monday (June 11) said its latest offer for LaSalle represented an implied price of $37.80 per share, and carried a 13% premium to Blackstone's $33.50 offer.

In May, LaSalle decided to sell itself to private equity firm Blackstone, rejecting a cash-and-stock offer from Pebblebrook.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.