At the special meeting of LaSalle common shareholders, held on November 27, 2018, approximately 99% of the shares voted were cast in favor of the merger, representing more than 86% of LaSalle’s total outstanding common shares.
The Company’s net income attributable to common shareholders was $32 million, which decreased by $24 million from the same period in 2017. The second quarter 2017 benefited from $11 million of gains from the sale of two assets last year.
LaSalle Hotel Properties Files Investor Presentation in Connection with Blackstone Transaction
LaSalle Hotel Properties (NYSE: LHO) today confirmed that it received a proposal from Pebblebrook Hotel Trust (NYSE: PEB) on June 11, 2018 to acquire LaSalle in a transaction with consideration of 0.92 common shares of Pebblebrook per common share of LaSalle, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 20% in aggregate of the consideration, subject to pro ration.
LaSalle Hotel Properties (NYSE:LHO) yesterday announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone will acquire all outstanding common shares of beneficial interest of LaSalle for $33.50 per share in an all-cash transaction valued at $4.8 billion.
Grossly Inadequate Proposal Significantly Undervalues LaSalle and is Not in the Best Interests of Shareholders - LaSalle Reiterates Confidence in its Ability to Deliver Exceptional Value to Shareholders - Emphasizes Commitment to Previously Announced Share Repurchase Program - Announces Dividend Policy for 2018
LaSalle Hotel Properties Reports Fourth Quarter 2017 Results
Excluding Key West, the Company’s third quarter RevPAR decreased 3.6% to $219.38, driven by a 3.6% decline in average daily rate to $243.31 and flat occupancy at 90.2%.
The Company’s second quarter RevPAR decreased 1.6% to $227.31, driven by a 0.5% decline in average daily rate to $257.86 and a 1.1% reduction in occupancy to 88.2%.
The Company’s RevPAR increased 1.4% to $177.56, driven by 1.2% growth in average daily rate to $228.39 and a 0.2% gain in occupancy to 77.7%.