Blackstone recently sold all it's shares in Hilton Hotels worldwide and has now agreed to buy US hotel owner LaSalle Hotel Properties for US $4.8 billion including debt.
The all-cash transaction values LaSalle at $33.50 a share.
Reuters reports LaSalle Chairman Stuart Scott said it was in touch with 20 potential buyers and signed confidentiality agreements with 10 of them before deciding on Blackstone's offer.
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“After careful consideration of multiple proposals received, the board determined that this transaction represents the most compelling opportunity for LaSalle’s shareholders, delivering a significant premium with immediate and certain cash value,” Scott said in a release.
Bloomberg reports the breakup fee on the deal with Blackstone, should LaSalle choose to terminate it, is $112 million, according to a LaSalle regulatory filing. Should Blackstone choose to walk away, the reverse breakup fee is $336m.
The acquisition is scheduled for completion in the third quarter.