LaSalle Hotel Properties today announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone, a leading global asset manager, will acquire all outstanding common shares of beneficial interest of LaSalle for $33.50 per share in an all-cash transaction valued at $4.8 billion. The transaction, which has been unanimously approved by LaSalle's Board of Trustees, represents a premium of approximately 35 percent over LaSalle's unaffected share price of $24.84 as of March 27, 2018, the day before the public announcement of a proposal to acquire the Company in an all-stock transaction. The purchase price also represents a premium of approximately 13 percent to LaSalle’s consensus net asset value of $29.64 per share per FactSet as of May 18, 2018.