Exterior of a Pebblebrook hotel.

After a seemingly endless tug-of-war, Pebblebrook Hotel Trust and LaSalle Hotel Properties have now announced an agreement to merge, with Pebblebrook acquiring all of LaSalle’s shares. The previously announced LaSalle merger with The Blackstone Group has been terminated.

The acquisition has been valued at approximately $5.2 billion and was approved unanimously by the Board of Trustees of Pebblebrook as well as the LaSalle Board of Trustees.

Pebblebrook has a portfolio of 28 hotels in the US, and will now fully own LaSalle’s portfolio of 41 properties.