Skip to main content

Blackstone will buy Bethesda’s LaSalle Hotel Properties in $4.8B deal

By Jeff Clabaugh

WASHINGTON — Bethesda-based LaSalle Hotel Properties, which owns dozens of upscale hotels, including several Kimpton properties in the D.C. area, will be acquired by New York investment group Blackstone Group LP in a deal worth $4.8 billion.

It thwarts Bethesda-based Pebblebrook Hotel Trust’s offer to buy LaSalle for $3.7 billion.

The news comes three days after Blackstone said it would sell the last of its Hilton Worldwide Holdings shares, worth $1.3 billion. Blackstone has been a Hilton investor for 11 years. It is considered the most successful private equity deal on record, according to Bloomberg News.

“We are pleased to have reached this agreement with Blackstone, which we believe is in the best interests of our shareholders and represents the culmination of a thorough review of strategic alternatives,” said Stuart L. Scott, Chairman of the Board of LaSalle.

LaSalle’s board and its advisers contacted 20 potential buyers.

The Blackstone acquisition is expected to close in the third quarter, though it still needs approval of LaSalle shareholders.

LaSalle’s local hotels include 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.

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.
Read Next Story

Related News

Top FDA drug official is trying to hire a friend who’s seeking a bold new warning on antidepressants

Justice Department and Live Nation reach settlement over illegal monopoly case

Five Guys CEO on how chain will ‘get it right’ after BOGO offer went bad