WASHINGTON — A partnership between dual large Bethesda, Maryland-based hotel skill owners is still on a table, with Pebblebrook Hotel Trust lifting a bid to buy LaSalle Hotel Properties to $3.6 billion.
LaSalle deserted Pebblebrook’s original, unsolicited partnership offer in March, observant it undervalued a company. LaSalle pronounced Monday a house was reviewing Pebblebrook’s latest offer.
If a dual combined, it would emanate a hotel genuine estate investment trust with about 70 upscale hotels, including several Kimpton-managed properties.
Pebblebrook’s portfolio includes a Hotel Monaco in D.C. LaSalle owns D.C.’s Hotel George, Hotel Madera, Hotel Palomar, Hotel Rouge, Liaison Capitol Hill, Mason Rook Hotel, a Sofitel during Lafayette Square, The Donovan and Topaz Hotel.
Pebblebrook’s revised offer for LaSalle includes a partnership cost of $31.75 per share, about 6 percent some-more than a strange offer. It also revised a all-stock offer to embody cash.
If merged, it would emanate a second-largest camp REIT in a U.S., according to Bloomberg data.
Pebblebrook Hotel Trust was founded in 2009 by Jon Bortz, who was arch executive of LaSalle Hotel Properties from 2001 to 2009.
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