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LHO

LaSalle Hotel

$34.60

-0.11 (-0.32%)

, BX

Blackstone

$35.01

0.29 (0.84%)

07:58
08/06/18
08/06
07:58
08/06/18
07:58

LaSalle Hotel files investor presentation in connection with Blackstone deal

LaSalle Hotel Properties (LHO) announced that it has filed an investor presentation with the SEC in connection with the previously announced merger with affiliates of Blackstone Real Estate Partners VIII (BX) and the other transactions contemplated by LaSalle's merger agreement with Blackstone.The presentation highlights that the Blackstone transaction maximizes both value and certainty for LaSalle shareholders. Among other things, the presentation notes: The significant premium and certainty of the all-cash transaction with Blackstone. The transaction represents a premium of approximately 35 percent over LaSalle's unaffected share price, a premium of approximately 13 percent to LaSalle's consensus net asset value as of May 18, 2018 and protection from the downside risks inherent in a stock transaction. LaSalle shareholders will receive $33.50 per share in cash in September 2018 upon completion of the Blackstone transaction, which is expected within one week of the Blackstone transaction being approved by shareholders at LaSalle's Special Meeting of Shareholders. LaSalle's Board of Trustees conducted a thorough process that produced strong competitive dynamics, maintained a level playing field and maximized value. During April 2018, the company and its advisors contacted 20 potential buyers, including Blackstone and Pebblebrook Hotel Trust (PEB)). The Board engaged with all interested parties and conducted extensive negotiations over price, consideration and terms. After careful consideration, the LaSalle Board unanimously determined that the Blackstone transaction represents a compelling opportunity for LaSalle shareholders. The facts regarding Pebblebrook's rejected proposals and LaSalle's thorough sale process. LaSalle sets the record straight. The LaSalle Board unanimously recommends that LaSalle shareholders vote the WHITE proxy card "FOR" the proposal to approve the merger and the other transactions contemplated by the Blackstone Merger Agreement prior to the Special Meeting, which will be held on September 6.

LHO

LaSalle Hotel

$34.60

-0.11 (-0.32%)

BX

Blackstone

$35.01

0.29 (0.84%)

PEB

Pebblebrook Hotel

$38.55

-0.85 (-2.16%)

LHO LaSalle Hotel
$34.60

-0.11 (-0.32%)

05/11/18
RHCO
05/11/18
NO CHANGE
Target $32
RHCO
Hold
LaSalle Hotel price target raised to $32 from $24 at SunTrust
SunTrust analyst C. Patrick Scholes raised his price target on LaSalle Hotel to $32 after its Q1 earnings beat and also raised his FY18 EBITDA target to $306M from $295M. Scholes believes that there is now a 70% chance that the REIT is bought out by Pebblebrook (PEB) or another buyer given the "positive tone" around its quarter. The analyst keeps his Hold rating however given the valuation on LaSalle Hotel.
05/18/18
BTIG
05/18/18
UPGRADE
Target $34.5
BTIG
Buy
LaSalle Hotel upgraded to Buy from Neutral at BTIG
BTIG analyst James Sullivan upgraded LaSalle Hotel to Buy from Neutral with a $34.50 price target following a better than Q1 report and raised guidance led by a rebound in demand from business and international demand segments.
05/21/18
LEHM
05/21/18
UPGRADE
LEHM
Equal Weight
LaSalle Hotel upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Felicia Kantor Hendrix upgraded LaSalle Hotel (LHO) to Equal Weight from Underweight following the company's announcement that it has agreed to be acquired by Blackstone (BX).
05/22/18
BARD
05/22/18
DOWNGRADE
Target $34
BARD
Neutral
LaSalle Hotel downgraded to Neutral from Outperform at Baird
Baird analyst Michael Bellisario downgraded LaSalle Hotel (LHO) to Neutral following its buyout offer from Blackstone (BX). The agreement puts the shares at full valuation and essentially matches his buyout math. As a result, he believes a higher bid is unlikely. Bellisario raised his price target to $34 from $32 on LaSalle Hotel shares.
BX Blackstone
$35.01

0.29 (0.84%)

06/08/18
BUCK
06/08/18
NO CHANGE
Target $46
BUCK
Buy
Aspen Insurance exit value $48-$50 per share, says Buckingham
Buckingham analyst Amit Kumar says a 1.25 to 1.3 times multiple on Aspen Insurance's (AHL) current book value gives an exit value of $48-$50 per share. Insurance Insider published a story yesterday that noted the potential finalists in the Aspen bidding process are Blackstone (BX) and Apollo (APO), Kumar tells investors in a research note. He continues to be a buyer of the stock with a Buy rating and $46 price target.
07/10/18
MUFG
07/10/18
DOWNGRADE
Target $27.5
MUFG
Neutral
Gramercy Property Trust downgraded to Neutral from Overweight at MUFG
MUFG analyst Karin Ford downgraded Gramercy Property Trust (GPT) to Neutral with an unchanged price target of $27.50 citing the company's agreement to be acquired by Blackstone (BX).
PEB Pebblebrook Hotel
$38.55

-0.85 (-2.16%)

12/14/17
STFL
12/14/17
NO CHANGE
STFL
Stifel cautious on Lodging REITs in 2018 with cycle seen near end
Stifel analyst Simon Yarmak is recommending being underweight Lodging REITs in 2018 citing his belief the lodging cycle is reaching the end and that several major REIT markets face supply issues. While cautious on the sector, he identifies DiamondRock Hospitality (DRH) as his top pick for those who want to participate in the space.
03/29/18
BOSC
03/29/18
UPGRADE
BOSC
Neutral
LaSalle Hotel upgraded to Neutral from Underperform at Boenning & Scattergood
Boenning & Scattergood analyst Floris van Dijkum upgraded LaSalle Hotel (LHO) to Neutral following Pebblebrook Hotel's (PEB) bid for the company. The analyst expects a deal to be consummated eventually.
04/03/18
BARD
04/03/18
NO CHANGE
Target $30
BARD
Outperform
LaSalle Hotel math suggests more upside possible, says Baird
Baird analyst Michael Bellasario said his upgrade thesis on LaSalle Hotel (LHO) is unfolding despite its current less attractive risk/reward. He believes the recent unsolicited offer for the company from Pebblebrook Hotel Trust (PEB) will provide a floor for the share price, but other M&A catalysts could provide additional upside. Bellasario reiterated his Outperform rating and raised his price target to $30 from $28 on LaSalle Hotel shares.

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