LaSalle Shareholders Vote on Merger as Hotel Workers Set Strike Vote, Says UNITE HERE Local 26
Sep. 05, 2018
BOSTON--(BUSINESS WIRE)--Sep 5, 2018--As shareholders of LaSalle Hotel Properties [NYSE: LHO] vote on a proposed merger with Blackstone Group, workers at one of LaSalle’s largest hotels are scheduled for a strike vote. UNITE HERE Local 26 has scheduled a September 12 th strike vote for workers at the LaSalle-owned Westin Copley Place in Boston, which generated 8.9% of LaSalle’s EBITDA in 2017.
LaSalle’s 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 Pebblebrook’s EBITDA are the subject of collective bargaining agreements that are expired or expire shortly. See http://unitehere.org/wp-content/uploads/PebblebookLasalle.pdf for additional information.
Strikes or other labor disputes may impact the value of Pebblebrook’s 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180905005828/en/
CONTACT: UNITE HERE
Jeff Nelson, 617-480-2585
Research Deputy Director
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS NEW YORK
INDUSTRY KEYWORD: TRAVEL LODGING PROFESSIONAL SERVICES REIT BANKING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: UNITE HERE
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PUB: 09/05/2018 01:31 PM/DISC: 09/05/2018 01:31 PM