Pebblebrook almost doubles stake in LaSalle Hotel Properties to 9%

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LaSalle Hotel’s stock rallies after Pebblebrook boosts buyout bid, again

Shares of LaSalle Hotel Properties rose 1.7% in premarket trade Tuesday, after real estate investment trust Pebblebrook Hotel Trust raised it buyout bid a second time in a week. Pebblebrook said it’s current bid is for 0.9085 Pebblebrook shares for each LaSalle share outstanding, up from the exchange ratio of 0.8944 announced on April 16, and compared with the original exchange ratio of 0.8655 revealed on March 28. Based on Monday’s closing prices, the current bid would be for $32.25 a share, or 3.5% above Monday’s close of $31.16, and 30% above the March 27 close of $24.84. LaSalle rejected the initial unsolicited bid, saying it was “insufficient,” and had said last week it would “carefully” review the revised bid. LaSalle shares had rallied 11.0% year to date through Monday, while Pebblebrook’s stock had lost 4.5% and the S&P 500 had eased 0.1%.

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