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...