Mudrick Capital Issues Open Letter to Board of Trustees of LaSalle Hotel Properties

NEW YORK, July 2, 2018 /PRNewswire/ -- Mudrick Capital Management, L.P., which together with its affiliates beneficially owns 1,000,000 shares of the outstanding common stock of LaSalle Hotel Properties (NYSE: LHO), today issued a public letter to LaSalle's Board of Trustees.

The full text of the letter follows:

July 2nd, 2018

Board of Trustees
LaSalle Hotel Properties
7550 Wisconsin Avenue, 10th floor
Bethesda, MD 20814

Dear Members of the Board of Trustees:

Mudrick Capital Management, L.P., together with its affiliates, beneficially owns 1,000,000 shares of the outstanding common stock of LaSalle Hotel Properties (the "Company" or "LaSalle").

We are writing to express our support for the revised merger proposal made by Pebblebrook Hotel Trust, as publicly announced on June 11, 2018.  We believe that the revised Pebblebrook proposal clearly is financially superior to the proposed transaction with affiliates of Blackstone.  We strongly urge you to negotiate the terms of a merger agreement with Pebblebrook.

If you proceed to submit the Blackstone proposal to the Company's shareholders for approval at a special meeting of shareholders, under its current terms we intend to vote our shares "Against" the Blackstone proposal.

We wish to remind you of your fiduciary duties as members of the Company's Board of Trustees to act in the best interest of all shareholders in this matter.  We expect that in any further discussions with Blackstone regarding its proposal, you will be mindful not to change the terms of the merger agreement with Blackstone in a way that would inhibit the Company from reaching an agreement with whichever party ultimately makes the superior offer, or would make it unduly financially burdensome for a third party to make a superior offer.

If you fail to comply with your fiduciary duties we will be forced to explore avenues to protect the best interest of LaSalle shareholders.

Sincerely,

/s/ Jason Mudrick
Jason Mudrick
Mudrick Capital Management, L.P.

About Mudrick Capital

Mudrick Capital is an SEC-registered investment adviser based in New York City that specializes in distressed credit and deep value event driven investing.  Founded in 2009, Mudrick Capital manages capital for a diverse group of sophisticated institutions and individuals, including endowments, foundations, insurance companies, private banks, fund-of-funds, pensions, family offices and high net worth individuals.

SOURCE Mudrick Capital Management, L.P.