Tag Archives: proposition

LaSalle Hotel Characteristic Turns Down Takeover Proposition by Pebblebrook

Board Refuses Unsolicited Proposal as ‘Grossly Inadequate’ in Rates, Cash/Stock Mix

Pebblebrook’s portfolio consists of the LaPlaya Beach & Resort & LaPlaya Beach Club in Naples, FL.

LaSalle Hotel Characteristic (NYSE: LHO)today stated its board of trustees all turned down an unsolicited merger proposal from Pebblebrook Hotel Trust (NYSE: PEB), saying the quote undervalues the company.

Pebblebrook on March 6 sent out a letter to LaSalle offering to obtain all outstanding shares of LaSalle in an all-stock transaction implying a deal cost of about $30 a share based on today’s trading prices. Pebblebrook said a combination of the two Bethesda, MD-based REITs would create a “clear leader in the lodging REIT sector” with a portfolio consisted of 69 mainly upper-upscale and high-end hotels, would supply strong capital and enhanced liquidity, and would consist of essential tax benefits for LaSalle shareholders.

LaSalle responded in a letter on March 22, stating that its board had actually declined the proposition as “inadequate from both a cost and mix of factor to consider viewpoint” and “not in the very best interests of LaSalle Hotel Residence shareholders.” Pebblebrook released both letters Wednesday.

“The board is concentrated on the ongoing execution of our strategic strategy, prudent capital allocation and our remarkable hotel portfolio, which will deliver greater value, quicker to our investors than Pebblebrook’s low-premium proposal,” LaSalle board Chairman Stuart Scott said in a release.

“The proposition shows neither the worth intrinsic in the business’s portfolio nor its capacity for future value development,” LaSalle stated.

LaSalle’s stock surged 15% in midday trading on Wednesday to about $28.59. Pebblebrook’s share price was up about 4.7% to $35.10.

Simon Yarmak, expert with Stifel, Nicolaus & & Co., stated a merger could benefit the general lodging REIT sector by establishing an appraisal foundation, particularly for REITs with upper-upscale. full-service properties. Pebblebrook already holds a 4.8% position in LaSalle.

Though the stock assessments of the REITs is different, the business have complimentary portfolios, with overlapping markets in Boston, San Diego, Los Angeles and San Francisco. LaSalle’s portfolio, that includes company transient, store, coastal, upper-upscale residential or commercial properties, is a logical fit with the PEB portfolio, Yarmak stated in a research note.

In addition to having the same head office city, the REITs have some shared history in the C-suite. Pebblebrook CEO Jon Bortz served as LaSalle’s president from its 1998 IPO through mid-2009, and present CFO Ray Martz likewise served with LHO in the 2000s.

Scott stated the LaSalle board “continues to be unbiased” and will think about “any options that boost long-term investor value.”

Could another bidder for LaSalle come forward?

“While we have no knowledge of any other pending deals, in our view it is possible that Blackstone or another private-equity gamer could get in the fray with a money deal,” Yarmak said.

Budget proposition’s prescription to recover national forests is a poison tablet

Monday, Feb. 26, 2018|2 a.m.

View more of the Sun’s opinion section

Taking a look at one part of President Donald Trump’s budget plan, you may believe his administration is riding to the rescue of the National Park Service.

However a broader view of the general budget reveals something really different. The administration’s prepare for our national forests threaten to tear them to pieces.

While Trump suggests investing $18.7 billion to repair a massive upkeep backlog, which would look like a smart idea, the issue is that all but $257 million of that funding would come from private markets that would be admitted to the parks to utilize for commercial functions– primarily oil and gas companies. More specifically, the financing would be derived from the government collecting a percentage of energy leasing invoices.

Even worse yet, the Department of Interior would be offered the prerogative to offer any public lands that “show an increase in value from the sale.” That means Interior Secretary Ryan Zinke and his personnel might provide acreage at their discretion if they think the federal government could make a buck off of it.

Rollbacks of policies on oil and gas extraction include another layer of concern to the plan.

This is a red alert circumstance.

It brings to mind horrible pictures of Trump and Zinke selling sliced-and-diced parts of the parks and public lands for fracking and oil drilling operations, turning peaceful natural locations into noisy and unclean beehives of extraction work and truck traffic.

It merely can not be permitted to take place. Nevada’s congressional delegates need to fight it, and need to understand that citizens will hold them responsible if they permit the Trump administration to carry out its assault on our public lands.

This especially applies to Sen. Dean Heller, R-Nev. As he increasingly sucks up to the president in hopes of winning his main contest over Trump drone Danny Tarkanian, Heller must know that Nevadans anticipate him to fix a limit and protect our lands, political effects be damned.

Another essential reason to oppose Trump and Zinke on the concern is that the budget requires huge cutbacks in staffing– 1,835 National Parks Service staff members, 1,209 from the U.S. Geological Survey, 559 from the United States Fish and Wildlife Service and 330 from the Bureau of Indian Affairs.

That’s a heavy human cost. And when it comes to the parks staff members, you’ll feel their loss if you go to a park. Visitation is at its greatest level ever, so staffing cutbacks would imply less people offering services to ever-expanding crowds.

If that’s insufficient, a news product released recently about Zinke and the Trump administration provided Americans more reason to question their motives. The story, published by Mother Jones publication, said 2 U.S. Geological Study employees had actually resigned in protest of a demand by the administration for unpublished data from a study of oil and gas deposits in Alaska, a break from longstanding principles practices.

The story was uncomfortable due to the fact that the report contains economic information that would be important for inside trading– it literally has the potential to move markets. Because of that, USGS standards require the information not to be shown anybody, consisting of members of Congress and other federal and state officials, prior to it’s released to the general public.

Interior administrators claimed they had legal authority to see the information, and there’s been no proof that they utilized it for improper purposes. But it’s a curious scenario that bears enjoying.

When it comes to Trump’s spending plan, it’s worth pointing out that it’s simply a proposal to Congress. The budget plan already has been extensively mocked, considered that it would add $7 trillion to the deficit over the next 10 years if embraced, so it’s unlikely that Congress will pass it.

However it does provide a look at how the administration is thinking of the parks system, and more significantly exactly what Trump’s special-interest controllers are requiring from him.

Also, legislators have the choice of adopting parts of it, so there’s need to be concerned for the parks and public lands.

The parks service needs assistance, no doubt. It’s facing an $11.6 billion stockpile of upkeep on its roadways, visitor facilities and other infrastructure.

But the Trump plan is no other way to set about making the fixes.

It’s reminiscent of a quote attributed to a U.S. military officer about the Vietnam War fight in the provincial capital of Ben Tre: “It became essential to ruin the town to wait.”

Google'' s Massive ' Tech Town ' Proposition in Downtown San Jose Could Reach 8 Million SF

Office/R&& D/Retail/Housing School to Be Discussed Next Week at Council Meeting as San Jose, Google Attempt to Facilitate Southward Shift of Silicon Valley’s’ Center of mass’

In a job that would dramatically reshape San Jose’s downtown, Google remains in talks with the city to develop a huge tech campus containing at least 6 million square feet of workplace and housing on 245 acres near Diridon Station and the SAP Center.

At those dimensions, the advancement could accommodate in between 15,000 and 20,000 employees, San Jose Mayor Sam Liccardo said in announcing that the city has started conversations with Mountain View, CA-based Google for the huge mixed-use transit-oriented advancement.

Inning accordance with a city personnel memo prepared for a planned June 20 City Council conference on the proposed job, the strategy could eventually grow to an incredible 8 million square feet– one-third bigger than the proposition announced this week by Liccardo, the Mercury-News reported.

The strategy would consist of public outside plazas and paseos, street-level retail and a public greenbelt and park along Los Gatos Creek. The development would connect with rail, bus and BART to produce pedestrian and bike passages, Liccardo said.Transit Drives Advancement Opportunities Google’s strategy dovetails
with the city’s Diridon Station Area Plan embraced in 2015 to stimulate future advancement of countless square feet of office, R&D sand retail area downtown, in addition to thousands of housing units and hotel spaces. However, the city has worked “for a task like this for decades, “stated Vice Mayor Magdalena Carrasco.” The development of the Diridon area is at an important juncture.” Numerous major transportation jobs by BART, High

Speed Rail, Bus Rapid Transit, and an energized CalTrain will converge at Diridon Station” In partnership with Google, we can reimagine Silicon Valley’s landscape by

producing a dynamic, architecturally iconic, transit-focused village that provides a design for a more sustainable future … and a sharp departure from the vast, auto-oriented tilt-up tech schools of the Valley’s past, “Liccardo said in a declaration.” The time has actually come for us to believe boldly about the future of our city’s center.

Silicon Valley’s center of gravity is shifting southward,” Liccardo said. Diridon Station is anticipated to become one of the busiest transit centers in the West, with the city predicting an eight-fold boost in everyday commuters to downtown, the mayor added.Does Silicon Valley Even Have a Center? Whether the massive proposed task represents part of a shift in the Silicon Valley’s
viewed” center of gravity” is, like the area’s nickname itself, open to discuss and analysis. Like Wall Street and Capitol Hill, Silicon Valley is a metonym– a word, expression or place

utilized as a substitute for something else with which it is carefully associated. Silicon Valley generall refers to San Jose, Santa Clara and a handful of smaller communities to the north and

northwest. Beyond location, however, Silicon Valley is also a commonly used synecdoche for the United States modern industry, as The Pentagon is utilized as a figurative term for the United States Department of Defense. A couple of years back, some observers started asserting that the Silicon Valley’s center of mass

was in fact moving north– toward San Francisco, where a host of business such as Twitter and Pinterest relocated their headquarters. Others, such as Google, rented blocks of office for satellite workplaces as a competitive perk for employees who wish to reside in San Francisco but dislike the hourlong commute to Mountain View, Cupertino or Santa Clara. The trajectory of Silicon Valley’s center of gravity or influence is certainly open to discuss among local CRE brokers and experts who study office leasing metrics, much of whom are questioning whether the area is gearing up for more development or winding down as venture capital levels ups and downs. While office demand has actually been fairly strong the last 2 quarters with a consistent circulation of activity from bigger and mid-sized companies, the Silicon Valley workplace market

continues to show some difference in performance by submarket, according to the Savills Studley Q1 2017 Silicon Valley Office Sector report. For instance, the office markets of Mountain View, Menlo Park and Sunnyvale are still tightening up, with very vigorous competition for a dwindling quantity of space remaining for lease.

Meanwhile, property owners in the southern area of the Valley such as Santa Clara and San Jose, which represent almost two-thirds of the offered space for lease in the region, are actually seeing slower need. Only about half the item currently under building and construction in those two submarkets is pre-leased. inning accordance with the regional workplaces of Savills Studley, which specializes in renter representation. “Although the Valley continues to witness a lot of substantial take downs of whole buildings in its core submarkets, vacancy has actually continued to increase in submarkets such as Santa Clara, North San Jose and

Milpitas, leading to longer lease-up periods and increased concessions,” Savills Handling Director Nate Currie noted. City authorities, however, hardly wishing to look a gift horse in the mouth, remain in complete support of the Google proposition, while acknowledging the job will require close collaboration in between search engine giant, city, transit agencies and the neighborhood surrounding Diridon Station. The City board on June 20 is expected to think about city staff’s suggestion that San Jose participate in special settlements with Google to facilitate the assemblage of city owned land essential for the job.

Hardy holds hearing on Obama overtime proposition


Steve Marcus

Congressman Cresent Hardy, R-Nev., goes to a Memorial Day Event at Southern Nevada Veterans Memorial Cemetery on Monday, May 24, 2015, in Boulder City.

Friday, Oct. 9, 2015|1:37 p.m.

. As your home Republican politician caucus plunged into chaos over the surprise withdrawal of Rep. Kevin McCarthy in the race to replace outgoing Speaker John Boehner, one of Nevada’s representatives found time to check out turmoil of another kind: A new regulation by the Department of Labor that Rep. Cresent Hardy said would force businesses to shoulder unjust expenses in overtime payment.

The House Small company Subcommittee on Investigations, Oversight and Laws, which Hardy chairs, held a hearing on Thursday on the new guideline.

“Small-business owners and their workers should be afraid of exactly what will be compelled on them by the Department of Labor,” Hardy stated. “Had my business been needed to make this change, my staff members could have lost their medical insurance and other benefits.”

In July, the Obama administration proposed extended overtime wage regulations to nearly 5 million white-collar workers. Presently, companies are required to pay overtime to employees who earn less than $23,660 each year.

The proposition would raise that cap to workers making less than $50,440. According to the Department of Labor, the change would impact 211,000 small businesses nationally. The threshold was last upgraded in 2004.

“A one-size-fits-all technique from Washington seldom works for our varied nation,” said Hardy. “Nothing prevents a business owner from offering advantages reflective of long hours, but we have to protect their freedom to make these choices based on their own monetary ability.” Hardy stated that it would be better for any choice on overtime to be dealt with by Congress, rather than the administration.

The new guideline might go into effect as quickly as January 2016. For more on the proposed regulations, click on this link.

California Democrats drop oil mandate in environment proposition

Thursday, Sept. 10, 2015|12:30 a.m.

SACRAMENTO– California will certainly remain to lead the battle in curbing greenhouse gas emissions for the sake of future generations, Gov. Jerry Brown and legislative Democrats said as they downsized an ambitious climate change proposition amid opposition from oil interests.

“This is a difficult fight and we’re going to have a few scars to show for it,” Brown stated Wednesday as he and legislative Democrats dropped a vital mandate to cut California’s petroleum use by 50 percent in 15 years.

Brown, a Democrat who has actually made environment change the centerpiece of his final tenure, said state regulators will announce toughened reporting rules on low-carbon fuel standards as early as next week.

Brown and Senate President Pro Tem Kevin de Leon, a L.a Democrat, had actually pushed a significant proposition to cut petroleum use by half, boost renewable-electricity use to 50 percent and double energy efficiency in existing structures. They were required to drop the mandate to cut oil usage from their proposition, SB350, in the middle of intense opposition from company groups and oil business that saw it as a direct attack to their bottom line.

Many Democrats– including those representing minority neighborhoods that are most negatively impacted by poor air quality– were worried that the petroleum mandate would harm California’s economy and working-class homeowners. They wanted greater oversight of the air board that has been in charge of implementing California’s ambitious greenhouse gas emissions law signed by previous Gov. Arnold Schwarzenegger, a Republican.

“I do find a paradoxical perversity to this circumstance where you have CEOs of the most wealthy and powerful business worldwide, who make upward of $20-$25 million a year, all unexpected have actually become the best buddies of minority neighborhoods,” de Leon said.

Catherine Reheis-Boyd, president of the Western States Petroleum Association, said Wednesday’s announcement shows how the state’s energy policy has an economic impact on its competitiveness.

“Californians are best served by comprehensive energy policy and by a legislative body that keeps authority on issues so critically crucial to jobs, neighborhoods and our lifestyle,” she stated.

Brown and legal leaders now plan to move on with the remaining two elements to increase renewable energy and improve energy efficiency in structures.

Assembly Speaker Toni Atkins, D-San Diego, whose members resisted the petroleum piece, said she felt confident the costs would go out. Legislators have simply 2 complete days remaining for costs to emerge from the existing legal session.

Brown said the primary sticking points for moderate Democrats in the state Assembly concerned the California Air Resources Board, an unelected body with broad power to set car emissions and fuel requirements to decide how the state will minimize oil use.

The guv stated challengers agreed to pass the legislation if he accepted considerably scale back its power, but he declined.

An intense Brown stated that he and the 2 Democratic leaders did not cave to calls to downsize state authority to set emission rules.

“The only thing different is my passion has been intensified to an optimum degree and nothing, nothing is going to stop this state from pushing forward” on aggressive climate change standards, he said.

Sen. Bob Huff, R-San Dimas, who until recently was the Senate minority leader, welcome Wednesday’s statement, stating the oil decrease carried too much unidentified financial costs.

“I believe that was the most problematic element of SB350 because it struck everybody in ways we do not even know, how technically we were going to accomplish the objective,” Huff stated in an interview.

Brown has actually campaigned on environment modification this year, discussing it with the pope at the Vatican in July. He is anticipated to participate in the United Nations environment change conference in Paris in November.

He said the intense dispute surrounding the legislation might have in fact assisted the cause of climate change legislation in the long term.

The guv and legal leaders likewise revealed Wednesday that they would take more time to strike out a compromise on transportation financing.

IMAGES: Charlotte-area couple'' s proposition goes awry


A Charlotte-area couple certainly has an engagement to remember after the future groom dropped the engagement ring into the ocean while trying to propose.

Kayla Harrity, 24, works for the Town of Waxhaw. She and her sweetheart, 25-year-old Matthew Picca, are on a vacation with her household in Southport, NC when he chose to shock her with a proposal.

Kayla states the couple went to Old American Fish on Saturday and she saw Matthew’s mother.

“I turned around and he was getting down on one knee,” Kayla recalled. “As he opened the ring box, the ring fell out of the box and fell through the cracks on the deck and into the water. I didn’t even get to see it before it dropped.”

MOBILE USERS: Click on this link to see pictures of the search and proposal

Kayla says everybody remained in overall shock and speechless.

“I covered my face and started to cry due to the fact that I knew my sweetheart was ravaged,” she stated. “Matthew did not even get to say anything to me prior to the ring fell into the ocean.”
Virtually right away, Kayla says, a number of people decreased to the boat slip beneath bench and jumped in the water and began looking for the ring.

Kayla’s brother-in-law, sis and Matthew all delved into the water, fully dressed, to search for the ring.

“At the bar, there were 3 men who were enjoying a beer who saw the whole thing,” she stated. “They have to have felt bad for us and did not want to see our engagement end like this. They jumped in the water and helped look for the ring.”

Kayla states her sister believed Matthew had a special case on his phone and stuck it under the water to use as a flashlight. It didn’t have the case. Now his phone is messed up.

“I began going to the neighboring dining establishments asking if anybody had safety glasses,” she said. “I understood if we had some we could find the ring.”

She states people were handing the group flashlights and a local ran home to get some safety glasses for the team.

“After 10 flashlights, and 5 pairs of goggles and over 1.5 hours of searching in the water … the ring was found!” Kayla said.

A guy called Kyle Blusher found the ring and shouted out.

“Everybody at bench was cheering. Suddenly, everybody was shouting ‘Propose once more! Do it once more!’,” Kayla remembered. “It was the very best feeling on the planet. My fiancĂ©, soaking damp, smelling like salty, fishing water, proceeded to obtain down on one knee and put the beautiful ring on my finger!”

“The energy of everybody at the bar was unbelievable. It was an overall shock that he even found the ring,” she continued. “We strolled upstairs and purchased the males who assisted us a round of shots. They were fantastic and we are so grateful to have their help that night.”

After remaining at bench for about an hour, the couple took a charming carriage trip around Southport.

“When we got back, people were still turning up asking to see the ring,” Kayla stated. “They said everyone in Southport was discussing it. It was absolutely a night to bear in mind!”

She says the couple intends to get married in Southport next year and want to thank everybody that helped them find the ring.

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