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LaSalle Hotel Properties (LHO) announced that independent proxy advisory firms, Institutional Shareholder Services and Glass Lewis have recommended LaSalle shareholders vote "FOR" the pending merger with Pebblebrook Hotel Trust (PEB). In recommending LaSalle shareholders vote "FOR" the merger, ISS stated in its November 15, 2018 report: "Support for the transaction is warranted in light of the compelling rationale, the premium to the unaffected share price and to that of the previous Blackstone (BX) offer, expected financial benefits to the combined entity, and the downside risk of non-approval." Michael Barnello, president and CEP of LaSalle Hotel Properties, said, "We are pleased that both ISS and Glass Lewis recognize the value of this strategic combination, which is the culmination of a thorough strategic alternatives process to maximize value for shareholders. We look forward to quickly completing this transaction and strongly urge shareholders to follow ISS and Glass Lewis' recommendations by voting "FOR" the Pebblebrook merger." The LaSalle Board recommends that LaSalle shareholders vote "FOR" the proposal to approve the pending merger with Pebblebrook in advance of the Special Meeting.

Pebblebrook Hotel Trust (PEB) commented on the recommendations from proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. in support of Pebblebrook's proposed acquisition of LaSalle Hotel Properties (LHO). "We are pleased that both ISS and Glass Lewis have recommended that shareholders vote for our proposed acquisition of LaSalle," said Jon Bortz, chairman, president and CEO. "Both reports clearly recognize the attractive strategic and financial rationale for the transaction, which serves the interests of shareholders of both companies. Together, Pebblebrook and LaSalle will form an industry leader with the premier portfolio of high-quality independent lifestyle hotels, the ability to generate strong cash flow and a flexible balance sheet. We continue to make progress towards the expected completion of this merger in the fourth quarter of 2018, and we encourage Pebblebrook and LaSalle shareholders to vote in favor of this value-creating transaction at their respective Special Meetings on November 27, 2018." In making its recommendations, ISS stated: "A vote FOR this proposal is warranted given the compelling rationale, the premium to the unaffected share price and to that of the previous Blackstone (BX) offer, expected financial benefits to the combined entity, and the downside risk of non-approval." In making its recommendations, Glass Lewis stated: "The acquired properties appear entirely consistent with existing operational scope and risk profile, and management clearly expects to drive greater value from LaSalle's portfolio than is currently recognized by the market. We expect this effort to be supported by reasonable synergies, including the elimination of duplicative administrative and listing expenses and the unification of two presently separate operating platforms." As previously announced on September 6, 2018, Pebblebrook and LaSalle entered into a definitive merger agreement pursuant to which Pebblebrook will acquire 100% of LaSalle's outstanding common shares. Under the terms of the merger agreement, for each LaSalle common share owned, each LaSalle shareholder may elect to receive either a fixed amount of $37.80 in cash or a fixed exchange ratio of 0.92 Pebblebrook common share. A maximum of 30% of the outstanding LaSalle common shares may elect to receive cash.The transaction is expected to close on November 30, 2018, subject to customary closing conditions, including approval by LaSalle and Pebblebrook shareholders.