34.31 0.00 (0.00%)
After hours: 5:00PM EDT
|Bid||0.00 x 3000|
|Ask||0.00 x 800|
|Day's Range||34.03 - 34.48|
|52 Week Range||24.10 - 36.13|
|PE Ratio (TTM)||61.05|
|Earnings Date||Oct 17, 2018 - Oct 22, 2018|
|Forward Dividend & Yield||0.90 (2.61%)|
|1y Target Est||33.16|
According to the GuruFocus All-In-One Screener, the following real estate stocks are popular among gurus. Warning! GuruFocus has detected 7 Warning Signs with HPT. The stock is trading with a price-earnings ratio of 45.20.
LaSalle Hotel Properties (NYSE: LHO) CEO Michael Barnello stands to gain between $36.6 million and $38.1 million as a result of his company’s acquisition by fellow lodging REIT Pebblebrook Hotel Trust (NYSE: PEB). Barnello and the other other LaSalle executives’ golden parachute compensation was finalized in an amendment to the companies' merger agreement, which was released Wednesday along with the preliminary proxy and registration statement for the long-awaited combination. The two Bethesda companies are hoping to close the deal in December. LaSalle CFO Ken Fuller will receive between $7 million and $7.3 million, and COO Alfred Young will receive between $15.1 million and $15.8 million in total severance compensation as part of the completed acquisition. The fluctuation between amounts of the severance awards has to do with the mix of consideration in the deal between Pebblebrook and LaSalle.
Pebblebrook Hotel Trust (PEB) (“Pebblebrook”) and LaSalle Hotel Properties (LHO) (“LaSalle”) announced today that Pebblebrook has filed a preliminary joint proxy statement/prospectus as part of a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”) in connection with Pebblebrook’s proposed merger with LaSalle. While the registration statement has not yet become effective and the information contained therein is subject to change, it provides important information about Pebblebrook’s proposed merger with LaSalle. Once the registration statement has been declared effective by the SEC, the final joint proxy statement/prospectus will be mailed to shareholders of Pebblebrook and of LaSalle prior to shareholder votes on the proposed merger.
The two Bethesda lodging REITs want to move the deal along after taking months to get to this point.
Pebblebrook Hotel Trust (PEB) (“Pebblebrook”) and LaSalle Hotel Properties (LHO) (“LaSalle”) will host an investor call today, Thursday, September 13, 2018 at 9:00 a.m. ET., to discuss the pending strategic combination of Pebblebrook and LaSalle, which was announced on September 6, 2018. Under the terms of the merger agreement, Pebblebrook will acquire 100% of LaSalle’s outstanding common shares. Additionally, a live webcast of the call will be available at Pebblebrook’s investor relations website at investor.pebblebrookhotels.com.
NEW YORK, Sept. 06, 2018-- Bragar Eagel & Squire, P.C. is investigating potential claims against LaSalle Hotel Properties on behalf of stockholders concerning the proposed acquisition of the company by ...
LaSalle has also canceled a shareholder vote regarding the Blackstone-LaSalle agreement that was previously scheduled for Thursday. On Wednesday, LaSalle’s board determined that Pebblebrook’s latest offer is a ”superior” proposal to Blackstone’s offer. A maximum of 30% of outstanding LaSalle shares may be exchanged for cash.
SAN DIEGO , Sept. 6, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of LaSalle Hotel Properties (NYSE: LHO) ("LaSalle ...
LaSalle Hotel Properties (NYSE: LHO) and Pebblebrook Hotel Trust (NYSE: PEB) have agreed to a $5.2 billion merger after former LaSalle suitor Blackstone Group bowed out of a potential bidding war Thursday. It was quick, considering how long it took to get here. LaSalle deemed Pebblebrook’s most recent offer superior Wednesday, kicking off a four-day period in which Blackstone could put in a higher bid. The private equity giant declined to rebid, taking its $112 million breakup fee and paving the way for a Pebblebrook-LaSalle merger. The final offer that won LaSalle was 0.92 shares of Pebblebrook stock per share of LaSalle stock, with up to 30 percent of the shares eligible for cash at $37.80 per share. It came after several offers Pebblebrook made since March.
U.S. hotel owner Pebblebrook Hotel Trust said it agreed to buy LaSalle Hotel Properties in a $5.2 billion cash-and-stock deal, a day after ditching a $4.8 billion all-cash offer from private equity firm ...
Jon Bortz founded LaSalle Hotel Properties in 1998 and led the lodging company until 2009, when he left to start a new firm, Pebblebrook Hotel Trust. Pebblebrook agreed Thursday to acquire LaSalle for about $5.2 billion, including debt, topping a competing offer from Blackstone Group LP that LaSalle had accepted in May. The combined company will own 66 high-end hotels and resorts in or near 16 U.S. urban markets, making it the largest owner of independent lodging properties at a time when a strong economy is encouraging businesses and consumers to increase spending on travel. “We are very pleased to have reached an agreement to bring Pebblebrook and LaSalle together in a strategic combination that represents a terrific value-maximizing opportunity” for shareholders of both companies, Bortz, Pebblebrook’s chief executive officer, said in a statement.
Pebblebrook Hotel Trust (PEB) (“Pebblebrook”) and LaSalle Hotel Properties (LHO) (“LaSalle”) today jointly announced that they have entered into a definitive merger agreement under which Pebblebrook will acquire 100% of LaSalle’s outstanding common shares (the “Pebblebrook-LaSalle Agreement”). LaSalle has terminated its previously announced merger agreement with affiliates of The Blackstone Group L.P. (BX) (“Blackstone”) (the “Blackstone-LaSalle Agreement”) following receipt of a waiver of Blackstone’s four business day period during which it could have proposed amendments to the terms of the Blackstone-LaSalle Agreement. LaSalle has canceled its special meeting of LaSalle shareholders previously scheduled for September 6, 2018 relating to the Blackstone-LaSalle Agreement.
Blackstone Group has no plans to increase its takeover offer for LaSalle Hotel Properties, even after the hotel owner’s board said a rival bid for the company was “superior.”
The board of U.S. hotel owner LaSalle Hotel Properties on Wednesday sided with Pebblebrook Hotel Trust's takeover proposal, ditching a $4.8 billion all-cash offer from private equity firm Blackstone Group ...
Pebblebrook Hotel Trust finally made LaSalle Hotel Properties an offer that it couldn’t refuse. LaSalle said late Wednesday that Pebblebrook’s latest buyout offer was a “superior proposal” to the agreement it executed with private equity firm Blackstone Group back in May. Shareholders had been scheduled to vote on that deal Thursday.
The board of LaSalle Hotel Properties said on Wednesday the unsolicited offer from Pebblebrook Hotel Trust constituted a "superior proposal" to that from Blackstone Group LP. The company also said it had sent a notice to Blackstone Group LP to terminate its previous merger agreement. Pebblebrook has offered 0.92 of its common shares per LaSalle share, with the option to receive $37.80 per share in cash up to a maximum of 30 percent in aggregate of the consideration.
LaSalle Hotel Properties (LHO) (“LaSalle” or the “Company”) today announced that its Board of Trustees (the “Board”), in consultation with its legal and financial advisors, through a unanimous vote of the trustees present (with only Stuart L. Scott not in attendance due to recent hospitalization) has determined that the unsolicited, non-binding proposal received from Pebblebrook Hotel Trust (PEB) (“Pebblebrook”) on August 21, 2018 (the “Pebblebrook Proposal”) constitutes a “Superior Proposal” as defined in LaSalle’s merger agreement with affiliates of Blackstone Real Estate Partners VIII (“Blackstone”) (the “Blackstone Merger Agreement”).
A monthslong takeover battle that has captivated the hospitality industry could come to a head early next month when shareholders of LaSalle Hotel Properties decide whether to accept an all-cash offer from Blackstone Group LP. Pebblebrook Hotel Trust, a Bethesda, Md.-based real-estate investment trust with 28 properties, is also trying to acquire LaSalle. Since March, Pebblebrook has made six separate bids for its rival lodging REIT.
LaSalle is still proceeding with its agreement to be purchased by an affiliate of The Blackstone Group, with a shareholder vote scheduled for next week.
U.S. hotel owner LaSalle Hotel Properties said on Monday Pebblebrook Hotel Trust's unsolicited bid may lead to a "superior proposal," intensifying a takeover battle with Blackstone Group LP. Last week, Pebblebrook raised the cash component of its $37.80-per-share offer to a maximum of 30 percent of LaSalle's outstanding shares from 20 percent. Private equity firm Blackstone had made an all-cash offer of $33.50 per share to LaSalle in May.
Blackstone Group LP doesn’t plan to raise its offer for LaSalle Hotel Properties, according to a person with knowledge of the matter, paving the way for the luxury-hotel company to complete a deal with competing suitor Pebblebrook Hotel Trust. The latest version of Pebblebrook’s bid, from last week, may lead to a superior proposal to an agreement reached with Blackstone, a determination made unanimously by LaSalle’s board, the company said in a statement Monday. LaSalle is now able to “engage in discussions with Pebblebrook in accordance with the terms of the Blackstone merger agreement,” the Bethesda, Maryland-based company said in the statement.
LaSalle Hotel Properties (LHO) (“LaSalle” or the “Company”) today announced that its Board of Trustees (the “Board”), through a unanimous vote of the trustees present (with only Stuart L. Scott not in attendance due to recent hospitalization), has determined that the unsolicited, non-binding proposal received from Pebblebrook Hotel Trust (PEB) (“Pebblebrook”) on August 21, 2018 (the “Pebblebrook Proposal”) could reasonably be expected to lead to a “Superior Proposal” as defined in LaSalle’s merger agreement with affiliates of Blackstone Real Estate Partners VIII (“Blackstone”) (the “Blackstone Merger Agreement”).
The two proxy advisory firms specialize in providing recommendations on proxy proposals to institutional investors.
ISS's recommendation to LaSalle shareholders follows that of another shareholder advisory firm, Glass Lewis & Co, on Thursday. Blackstone's $3.7 billion all-cash offer is facing uncertainty as Pebblebrook on Tuesday stepped up its overtures with a higher offer to LaSalle’s board of trustees two weeks ahead of the final shareholder vote. ISS said Blackstone's all-cash bid was less than the current value of Pebblebrook's competing bid, and less than the current value of LaSalle shares.