Pebblebrook boosts offer for U.S. hotels owner LaSalle [Reuters]
Pebblebrook Hotel Trust Common Shares of Beneficial Interest (PEB)
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Source: Reuters
Pebblebrook boosts offer for U.S. hotels owner LaSalle | Reuters 5 Min Read (Reuters) - Pebblebrook Hotel Trust ( PEB.N ) has sweetened its $3 billion-plus offer to buy U.S. peer LaSalle Hotel Properties ( LHO.N ) after the owner of high-end locations including ‘W’ Los Angeles saw an initial bid rebuffed last month. Pebblebrook Chief Executive Officer Jon Bortz is seeking to regain control of LaSalle a decade after he left the company, which he founded and headed while working for global real estate group Jones Lang LaSalle in the early 1990s. LaSalle said it would review Pebblebrook’s revised proposal. The company has started to explore a sale by talking to other companies and investment firms, but has so far been unable to agree on terms of engagement with Pebblebrook, including a mutual nondisclosure agreement, according to people familiar with the matter, who asked not to be identified because the matter is confidential. LaSalle initially requested an 18-month standstill that
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