LaSalle Hotel Properties’ Board of Trustees Reaffirms Support for Blackstone Transaction

BETHESDA, Md.--(BUSINESS WIRE)--LaSalle Hotel Properties (NYSE:LHO) (“LaSalle” or the “Company”) today announced that its Board of Trustees (the “Board”) has determined that the unsolicited proposal received from Pebblebrook Hotel Trust (NYSE: PEB) (“Pebblebrook”) on July 20, 2018 to acquire the Company (the “Pebblebrook Proposal”), which contained substantially identical terms as the unsolicited proposal received from Pebblebrook on June 11, 2018, does not constitute, and could not 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”).