Blackstone Real Estate Partners has entered into an agreement to acquire LaSalle Hotel Properties, which owns 41 upscale hotels with over 10,000 rooms in 11 markets in seven states andy Washington D.C. The all-cash transaction is valued at $4.8 billion. Completion of the transaction, which is expected to occur in the third quarter of 2018, is contingent upon customary closing conditions, including the approval of LaSalle’s shareholders. LaSalle focuses on owning, redeveloping and repositioning full-service hotels in urban, resort and convention markets. It owns hotels under brands like Hilton, Hyatt and Marriott. The transaction is not contingent on receipt of financing. Blackstone has about $120 billion in investor capital under management. Major holdings include Hilton Worldwide.