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LaSalle Shareholders Vote on Merger as Hotel Workers Set Strike Vote, Says UNITE HERE Local 26

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As shareholders of LaSalle Hotel Properties [NYSE: LHO] vote on a proposed merger with Blackstone Group, workers at one of LaSalles largest hotels are scheduled for a strike vote. UNITE HERE Local 26 has scheduled a September 12th strike vote for workers at the LaSalle-owned Westin Copley Place in Boston, which generated 8.9% of LaSalles EBITDA in 2017.

LaSalles hotel portfolio is exposed to union negotiations in a handful of cities this month. So is the portfolio of Pebblebrook Hotel Trust [NYSE: PEB], which has made a competing proposal to acquire LaSalle in a stock and cash deal.

Hotels generating 26% and 31% respectively of LaSalle and Pebblebrooks EBITDA are the subject of collective bargaining agreements that are expired or expire shortly. See https://unitehere.org/wp-content/uploads/PebblebookLasalle.pdf for additional information.

Strikes or other labor disputes may impact the value of Pebblebrooks competing offer for LaSalle, to the extent EBITDA or operations are impacted in the coming months. Conversely, strikes are likely to have little effect on the Blackstone offer, which is an all-cash deal.

NOTE: In addition to representing workers at LaSalle-owned hotels, UNITE HERE is a small shareholder of LaSalle. This is not a solicitation of authority to vote the proxy of any shareholder.

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