June 12, 2018 / 12:35 PM / 3 months ago

LaSalle Hotel's third-largest shareholder backs Pebblebrook's offer

(Reuters) - LaSalle Hotel Properties’ (LHO.N) third-biggest shareholder, HG Vora Capital Management, said on Tuesday that Pebblebrook Hotel Trust’s revised offer for the U.S. hotel owner was superior to Blackstone’s (BX.N) $3.7 billion bid.

The hedge fund, which owns a 9.1 percent stake in the LaSalle, asked the company to consider Pebblebrook's offer and said it was available to discuss its views in more detail. (bit.ly/2JM3x3S)

Pebblebrook (PBE.N) on Monday said its latest offer for LaSalle represented an implied price of $37.80 per share, and carried a 13 percent premium to Blackstone’s $33.50 offer.

In May, LaSalle decided to sell itself to private equity firm Blackstone, rejecting a cash-and-stock offer from Pebblebrook.

Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva

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