Blackstone Buys LaSalle Hotels for $3.7 Billion Cash

Just 3 days after realizing a $14 billion profit on the sale of its 5.8% stake in Hilton Worldwide Holdings, private equity firm Blackstone has purchased LaSalle Hotels for $3.7 billion, according to Reuters.

The deal values LaSalle at $33.50 per share and represents a 5% premium to LaSalle’s closing price on Friday.

LaSalle owns four hotels in Manhattan—Gild Hall, Park Central New York, the Roger, and WestHouse.