Three days after agreeing to sell off the last of its Hilton stake, Blackstone is buying another hotel company.

Blackstone Group LP has agreed to acquire luxury hotel owner LaSalle Hotel Properties, according to people with knowledge of the matter. The all-cash transaction values LaSalle at $33.50 a share, or $4.8 billion including debt, said the people, who asked not to be identified because the deal is confidential. Representatives for Blackstone and LaSalle declined to comment. The deal comes after Blackstone announced plans on Friday to sell the last of its Hilton Worldwide Holdings Inc. shares.