Pebblebrook Hotel Trust Executes Contract to Sell Topaz Hotel for $33 Million

Pebblebrook Hotel Trust | October 8, 2019

BETHESDA, Md.--October 8, 2019--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it executed a contract to sell the 99-room Topaz Hotel in Washington, D.C. for $33.0 million to a third party. The contracted sale price reflects a 19.5x EBITDA multiple and a 4.4% net operating income capitalization rate based on the hotel’s operating performance for 2018. Based on the trailing 12-month period ended June 2019, the contracted sales price reflects an 18.2x EBITDA multiple and a 4.8% net operating income capitalization rate. The net operating income capitalization rates are after an assumed annual capital reserve of...