Pebblebrook Hotel Trust Completes Sale of Hotel Vintage Portland for $32.9 Million

Pebblebrook Hotel Trust | September 15, 2022

BETHESDA, Md.--(BUSINESS WIRE)-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on September 14, 2022, it closed on the sale of the 117-room Hotel Vintage Portland in Portland, OR for $32.9 million to a third party. For the trailing twelve months ended June 30, 2022, the hotel’s net operating loss was ($0.1) million, and its Hotel EBITDA was $0.1 million. Based on the hotel’s operating performance for 2019, the $32.9 million sales price reflects an 11.7x EBITDA multiple and a 7.1% net operating income capitalization rate. The net operating income (loss) for both periods mentioned above is after an assumed...