Pebblebrook Hotel Trust (PEB.N) said on Monday it raised its offer to acquire fellow U.S. hotel owner LaSalle Hotel Properties (LHO.N) to $37.80 per share, trumping a $33.50 per share offer from Blackstone Group LP (BX.N).
In May, Lasalle decided to sell itself to private equity firm Blackstone for $3.7 billion in cash, rejecting a cash-and-stock offer from Pebblebrook.
Pebblebrook said LaSalle shareholders will have the option to elect a fixed amount of $37.80 in cash for each LaSalle share they own, or opt for a fixed exchange ratio of 0.92 Pebblebrook share.
Pebblebrook had raised its offer in April to $31.75 per share from $29.95, after LaSalle rejected its previous bid, saying it undervalued the company.
Pebblebrook said on Monday its latest offer would take into account the $112 million termination fee LaSalle agreed to pay to Blackstone.