LaSalle Hotel Properties Completes Merger with Pebblebrook Hotel Trust

BETHESDA, Md.–(BUSINESS WIRE)–LaSalle Hotel Properties (NYSE: LHO) (“LaSalle” or the “Company”) today
announced the completion of its previously announced merger with
Pebblebrook Hotel Trust (“Pebblebrook”).

Michael D. Barnello, President and Chief Executive Officer of LaSalle
Hotel Properties, said, “We are pleased to complete this combination. On
behalf of the LaSalle Board, we thank all LaSalle employees, hotel
operator partners and shareholders for their support.”

Citigroup Global Markets Inc. and Goldman Sachs Co. LLC are acting as
financial advisors to LaSalle and Goodwin Procter LLP and DLA Piper LLP
(US) are acting as legal counsel.

Cautionary Statement Regarding Forward-Looking Statements

This press release, together with other statements and information
publicly disseminated by the Company, contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The Company intends such forward-looking statements to
be covered by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 and
includes this statement for purposes of complying with these safe harbor
provisions. The forward-looking statements contained in this press
release, including statements regarding the merger transaction and the
timing of such transaction, are subject to various risks and
uncertainties. Although the Company believes the expectations reflected
in any forward-looking statements contained herein are based on
reasonable assumptions, there can be no assurance that our expectations
will be achieved. Forward-looking statements, which are based on certain
assumptions and describe future plans, strategies and expectations of
the Company, are generally identifiable by use of the words “believe,”
“expect,” “intend,” “anticipate,” “estimate,” “project,” or other
similar expressions. Such statements involve known and unknown risks,
uncertainties, and other factors that may cause the actual results of
the Company to differ materially from future results, performance or
achievements projected or contemplated in the forward-looking
statements. Some of the factors that may affect outcomes and results
include, but are not limited to: (i) the outcome of any legal
proceedings that may be instituted against the parties and others
related to the merger agreement, (ii) unanticipated difficulties or
expenditures relating to the merger transaction, the response of
business partners and competitors to the merger transaction, and/or
potential difficulties in employee retention as a result of the merger
transaction, (iii) changes affecting the real estate industry and
changes in financial markets, interest rates and foreign currency
exchange rates, (iv) increased or unanticipated competition for the
Company’s properties, (v) risks associated with the hotel industry,
including competition for guests and meetings from other hotels and
alternative lodging companies, increases in wages, energy costs and
other operating costs, potential unionization or union disruption,
actual or threatened terrorist attacks, any type of flu or
disease-related pandemic and downturns in general and local economic
conditions, (vi) the availability and terms of financing and capital and
the general volatility of securities markets, (vii) the Company’s
dependence on third-party managers of its hotels, including its
inability to implement strategic business decisions directly, (viii)
risks associated with the real estate industry, including environmental
contamination and costs of complying with the Americans with
Disabilities Act of 1990, as amended, and similar laws, (ix) the
possible failure of the Company to maintain its qualification as a REIT
and the risk of changes in laws affecting REITs, (x) the possibility of
uninsured losses, (xi) risks associated with redevelopment and
repositioning projects, including delays and cost overruns, (xii) the
risk of a material failure, inadequacy, interruption or security failure
of the Company’s or the hotel managers’ information technology networks
and systems, and (xiii) those additional risks and factors discussed in
reports filed with the SEC by the Company from time to time, including
those discussed under the heading “Risk Factors” in its most recently
filed reports on Form 10-K and 10-Q. The Company undertakes no
obligation to update or revise any forward- whether as a result of new
information, future events or otherwise. Investors should not place
undue reliance upon forward-looking statements.

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