Nareit's REIT Report Podcast Pebblebrook to Finetune Portfolio Following LaSalle Merger
Oct 1, 2018
07:36
Jon Bortz, chairman, president, and CEO of Pebblebrook Hotel Trust, was a guest on the latest edition of Nareit’s REIT Report podcast.
Early in September, Pebblebrook announced it would pay $5.2 billion to acquire fellow hotel REIT LaSalle Hotel Properties, ending a series of revised offers that began in March. The deal is expected to close later this year.
Bortz, who founded both REITs, said the two companies share an “incredible similarity” in terms of assets, quality, markets, geography, and brands.
Pebblebrook has said it plans to sell between $500 million and $1 billion of assets from the combined portfolio. The bulk of sales are likely to come from the LaSalle side and from the East Coast, Bortz said. “The sales will allow us to finetune the portfolio from a size and diversification perspective,” he noted.
Looking ahead, Bortz said a number of opportunities exist within the LaSalle portfolio.
Early in September, Pebblebrook announced it would pay $5.2 billion to acquire fellow hotel REIT LaSalle Hotel Properties, ending a series of revised offers that began in March. The deal is expected to close later this year.
Bortz, who founded both REITs, said the two companies share an “incredible similarity” in terms of assets, quality, markets, geography, and brands.
Pebblebrook has said it plans to sell between $500 million and $1 billion of assets from the combined portfolio. The bulk of sales are likely to come from the LaSalle side and from the East Coast, Bortz said. “The sales will allow us to finetune the portfolio from a size and diversification perspective,” he noted.
Looking ahead, Bortz said a number of opportunities exist within the LaSalle portfolio.