Press Release
May 21, 2018

LaSalle Hotel Properties to be Acquired by Blackstone For $4.8 Billion

Goodwin is representing LaSalle Hotel Properties (NYSE: LHO) in its 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. The transaction, which has been unanimously approved by LaSalle's Board of Trustees, represents a premium of approximately 35 percent over LaSalle's unaffected share price of $24.84 as of March 27, 2018, the day before the public announcement of a proposal to acquire the company in an all-stock transaction. The purchase price also represents a premium of approximately 13 percent to LaSalle’s consensus net asset value of $29.64 per share per FactSet as of May 18, 2018.

The closing of the transaction is expected to occur in the third quarter of 2018 and is contingent upon customary closing conditions, including the approval of LaSalle’s shareholders. The transaction is not contingent on receipt of financing.

LaSalle Hotel Properties is a leading multi-operator real estate investment trust which focuses on owning, redeveloping and repositioning upscale, full service hotels located in urban, resort and convention markets. The company owns 41 properties, totaling approximately 10,400 guest rooms in 11 markets in seven states and the District of Columbia.

The Goodwin team was led by partners Joseph Johnson and Andrew Goodman.

For additional details on the transaction, please read the press release.