After selling Hilton shares, Blackstone buys LaSalle for $4.8b

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.

“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.