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.