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Bethesda’s Pebblebrook boosts offer to buy LaSalle Hotel Properties

By Jeff Clabaugh

WASHINGTON — A merger between two big Bethesda, Maryland-based hotel property owners is still on the table, with Pebblebrook Hotel Trust raising its bid to buy LaSalle Hotel Properties to $3.6 billion.

LaSalle rejected Pebblebrook’s original, unsolicited acquisition offer in March, saying it undervalued the company. LaSalle said Monday its board was reviewing Pebblebrook’s latest offer.

If the two combined, it would create a hotel real estate investment trust with about 70 upscale hotels, including several Kimpton-managed properties.

Pebblebrook’s portfolio includes the Hotel Monaco in D.C. LaSalle owns D.C.’s Hotel George, Hotel Madera, Hotel Palomar, Hotel Rouge, Liaison Capitol Hill, Mason & Rook Hotel, the Sofitel at Lafayette Square, The Donovan and Topaz Hotel.

Pebblebrook’s revised offer for LaSalle includes a merger price of $31.75 per share, about 6 percent more than its original offer. It also revised its all-stock offer to include cash.

If merged, it would create the second-largest lodging REIT in the U.S., according to Bloomberg data.

Pebblebrook Hotel Trust was founded in 2009 by Jon Bortz, who was chief executive of LaSalle Hotel Properties from 2001 to 2009.

Massachusetts court hears arguments in lawsuit alleging Meta designed apps to be addictive to kids

By The Associated Press
BOSTON (AP) — Massachusetts' highest court heard oral arguments Friday in the state's lawsuit arguing that Meta designed features on Facebook and Instagram to make them addictive to young users. The lawsuit, filed in 2023 by Attorney General Andrea Campbell, alleges that Meta did this to make a profit and that its actions affected hundreds of thousands of teenagers in Massachusetts who use the social media platforms. “We are making claims based only on the tools that Meta has developed because its own research shows they encourage addiction to the platform in a variety of ways,” said State Solicitor David Kravitz, adding that the state's claim has nothing to do the company's algorithms or failure to moderate content. Meta said Friday that it strongly disagrees with the allegations and is “confident the evidence will show our longstanding commitment to supporting young people.” Its attorney, Mark Mosier, argued in court that the lawsuit “would impose liabilities for performing traditional publishing functions” and that its actions are protected by the First Amendment.
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