13D Filing: HG Vora Capital Management and Lasalle Hotel Properties (LHO)

Exhibit 1

April 2, 2018

Mr. Michael Barnello

Ms. Denise Coll

Mr. Jeffrey Foland

Mr. Darryl Hartley-Leonard

Mr. Jeff Martin

Mr. Stuart Scott

Mr. Donald Washburn

c/o Mr. Kenneth Fuller Corporate Secretary

LaSalle Hotel Properties

7550 Wisconsin Avenue, 10th floor

Bethesda, MD 20814

Dear Trustees of LaSalle Hotel Properties:

We are a value oriented investment firm with extensive experience investing in REITs and the hospitality industry.  Based on publicly available information, we are one of the largest shareholders of LaSalle Hotel Properties (the “Company”) and currently own approximately 7.1% of its outstanding common shares.

We agree with the Company’s view that it owns an irreplaceable portfolio of trophy assets and that the initial merger proposal released on March 28, 2018 by Pebblebrook Hotel Trust (“Pebblebrook”) is inadequate to merit exclusive discussions.  However, the strategic merit of combining with Pebblebrook to create an $8 billion upper-upscale and luxury hotel portfolio in prime urban and resort markets is compelling.  The pro forma entity would be the second largest publicly traded hotel REIT by equity market capitalization and benefit from a more efficient cost of capital, stronger cash flows, a predictable and growing dividend, increased trading liquidity and, in our view, a higher valuation multiple than what could be achieved by the Company or Pebblebrook on a standalone basis.

We believe a sale of the entire Company would maximize value for shareholders.  The Company should form an independent strategic committee to negotiate with Pebblebrook and also gauge interest from other financial or strategic buyers that could provide a superior acquisition proposal.  We welcome the opportunity to discuss our views and suggested approach in more detail.

Sincerely,

Parag Vora