May 21, 2018 / 12:06 PM / 3 months ago

Blackstone to buy LaSalle Hotel for $3.7 bln

May 21 (Reuters) - Private equity firm Blackstone Group LP said on Monday it would buy U.S. hotel owner LaSalle Hotel Properties for $3.7 billion, topping a rival bid from Pebblebrook Hotel Trust for $3.5 billion.

The deal values LaSalle at $33.50 per share compared with Pebblebrook's offer price of $31.75 per share and represents a premium of 5 percent to LaSalle's closing price on Friday. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Arun Koyyur)

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