Shareholders of Pebblebrook Hotel Trust and LaSalle Hotel Properties have approved Pebblebrook’s proposed acquisition of the real estate investment trust. The deal is expected to close on Friday, and the cash component of the transaction is fixed at approximately $1.3 billion.
LaSalle shareholders were given the option to elect to receive share and/or cash consideration of their common shares. A maximum of 30% of the outstanding LaSalle common shares were permitted to elect to receive cash, and elections of cash are subject to pro rata cutbacks if holders of more than 30% of the outstanding common shares elected to receive cash.
The preliminary results of the elections made by LaSalle shareholders are that 85.8 million LaSalle common shares, or about 77% of the LaSalle common shares deemed outstanding for purposes of the election, elected to receive cash. Meanwhile, holders of 25.4 million LaSalle shares, or about 23% of the LaSalle common shares eligible to elect, either elected to receive common shares, did not submit valid elections or submitted an election expressing no preference.
Photo of Hotel Amarano guestroom: Courtesy of LaSalle Hotel Properties