U.S. Blackstone nears to acquire LaSalle Hotel for $3.7 billion

U.S. private equity firm Blackstone Group LP said it would buy hotel owner LaSalle Hotel Properties for $3.7 billion, topping a rival bid from Pebblebrook Hotel Trust in April for $3.5 billion.

The deal values LaSalle at $33.50 per share compared with Pebblebrook's offer of $31.75 per share and represents a premium of 5 percent to LaSalle's closing price on Friday.

LaSalle said it was in touch with 20 potential buyers and signed confidentiality agreements with 10 of them before deciding on Blackstone's offer.

The private equity firm exited Hilton Worldwide Holdings Inc on Friday after nearly 11 years by selling about 5.8 percent stake or 15.8 million shares in the hotel chain operator for about $1.32 billion.