Blackstone to purchase LaSalle Hotel in USD 3.7 bln deal

Private equity firm Blackstone Group LP said it would take over USD hotel owner Blackstone Group in USD 3.7 billion deal.

The PE fund topped a rival bid from Pebblebrook Hotel Trust in April for USD 3.5 billion. The deal values LaSalle at USD 33.50 per share

Citigroup Global Markets and Goldman Sachs & Co were the financial advisers, while Goodwin Procter and DLA Piper were the legal advisers to LaSalle.

Morgan Stanley & Co. and JP Morgan were the financial advisers to Blackstone. Simpson Thacher & Bartlett was acting as legal adviser to Blackstone.

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