Pebblebrook ups LaSalle offer

Pebblebrook Hotel Trust officials have released a letter detailing an updated offer to purchase LaSalle Hotel Properties, this time offering an aggregate price of $31.75 per share, according to a news release. The new offer also includes a caveat that common shareholders could receive up to 15% of the purchase in cash instead of just Pebblebrook stock.

In the release, Pebblebrook Chairman, President and CEO Jon Bortz noted he is “disappointed that LaSalle has not responded to our revised proposal and continues to refuse to negotiate an agreement to combine the two companies, which would benefit the shareholders of both companies.”

“This revised offer demonstrates our strong commitment to bringing these two similar companies together,” he said.