pebblebrook
Pebblebrook Hotel Trust Completes Sale of Sofitel Philadelphia at Rittenhouse Square in Pennsylvania
Pebblebrook Hotel Trust | August 3, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on August 2, 2022, it closed on the sale of the 306-room Sofitel Philadelphia at Rittenhouse Square in Philadelphia, PA for $80.0 million to a third party. For the trailing twelve months ended June 30, 2022, the hotel’s net operating income was $3.1 million, and its Hotel EBITDA was $3.8 million. Based on the hotel’s operating performance for 2019, the $80.0 million sales price reflects a 10.0x EBITDA multiple and an 8.6% net operating income capitalization rate. The net operating income for both periods mentioned above is after an assumed annua...
Pebblebrook Hotel Trust Completes Sale of The Marker San Francisco in California
Pebblebrook Hotel Trust | June 29, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 208-room The Marker San Francisco in San Francisco, CA for $77.0 million to a third party. For the trailing twelve months ended May 31, 2022, the hotel’s estimated net operating loss was ($2.0) million, and its estimated Hotel EBITDA was ($1.8) million. Based on the hotel’s operating performance for 2019, the $77.0 million sales price reflects a 10.0x EBITDA multiple and an 8.8% net operating income capitalization rate. The net operating income or loss for both periods mentioned above is after an assumed annual capit...
Pebblebrook Hotel Trust Acquires Inn on Fifth in Naples, Florida for $156M
Pebblebrook Hotel Trust | May 12, 2022
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it acquired the AAA Four Diamond 119-room Inn on Fifth in Naples, Florida for $156.0 million on May 11, 2022. As previously announced, the Company retained Noble House Hotels & Resorts (“Noble House”) to manage this unique independent luxury resort property at the center of Downtown Naples. The acquisition of Inn on Fifth brings the total number of properties in the Company’s portfolio to 54, including 12 unique drive-to, independent lifestyle resorts and 6 properties in South Florida. The Company funded the acquisition with approximat...
Pebblebrook Selects Noble House Hotels & Resorts to Manage The Inn on Fifth
Noble House Hotels & Resorts | May 12, 2022
(KIRKLAND, WA; May 12, 2022) — Noble House Hotels & Resorts—the family-owned, boutique hotel brand—is pleased to welcome the Inn on Fifth to its portfolio of unique, experience-driven properties. The new owners of this landmark resort, leading real estate investment trust Pebblebrook Hotel Trust (NYSE: PEB), have chosen Noble House to manage the property, bringing the total number of luxury hotels, resorts, and experiences within the Noble House brand portfolio to 25 across North America. Situated in the center of charming Old Naples, a world-class destination and one of the country’s most exclusive and wealthy communiti...
Pebblebrook Hotel Trust Executes Contract to Acquire Inn on Fifth in Naples, Forida for $156M
Pebblebrook Hotel Trust | April 25, 2022
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to acquire the AAA Four Diamond 119-room Inn on Fifth in Naples, Florida for $156.0 million. Upon completion of the acquisition, Pebblebrook will retain Noble House Hotels & Resorts (“Noble House”) to manage this unique independent luxury resort property at the center of Historic Downtown Naples. The purchase is expected to be completed by the end of the second quarter 2022 and is subject to customary closing conditions. The Company offers no assurances that this acquisition will be completed on these terms or at all. ...
Key West’s Southernmost Beach Resort Unveils a $15M Renovation
Southernmost Beach Resort | February 10, 2022
KEY WEST, FL - February 10, 2022 - Key West’s award-winning Southernmost Beach Resort has debuted an extensive $15 million renovation to its exterior façade, breezeways, and 243 guest rooms. This comes on the heels of the recently completed refurbishment of the resort’s lobby, Pineapple Pool and Bar, and the addition of an exterior patio at the signature Beach Café, creating a completely fresh and modern resort experience. The renovated Key West island resort, aptly named for its perfectly placed location at the southern tip of famed Duval Street and complemented by its highly sought-after beachfront location, is inspired by Key Wes...
Pebblebrook Hotel Trust Announces Update on Recent Operating Trends and Contract to Sell The Roger New York
Pebblebrook Hotel Trust | June 9, 2021
BETHESDA, Md.--June 9, 2021-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced an update on recent operating trends, including: Operating Trends: Overall operating trends continue to improve each week, and the Company expects to achieve positive Adjusted EBITDAre in the second quarter of 2021; Strong leisure demand; Business transient demand improving: Leisure demand continues to show robust growth. Business transient travel is in the early stages of its recovery, and the Company is encouraged with improved group activity and booking trends; Balance Sheet: The Company currently estimates its liquid...
Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel
Pebblebrook Hotel Trust | April 5, 2021
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 416-room Kimpton Sir Francis Drake Hotel in San Francisco, CA to a third party on April 1, 2021, generating $157.6 million of net proceeds after customary closing costs. Based on the hotel’s operating performance for 2019, the $157.6 million of net proceeds reflects an 11.8x EBITDA multiple and a 7.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues). The Company purchased Sir Francis Drake Hotel for $90.0 million in 2010 as its second hotel. The property...
