LaSalle Hotel Properties’ Board of Trustees Determines Pebblebrook Hotel Trust Proposal Could Reasonably Be Expected to Lead to a “Superior Proposal”

BETHESDA, Md.--(BUSINESS WIRE)--LaSalle Hotel Properties (NYSE: 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 (NYSE: 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”).