Pebblebrook sells Hotel Madera for $23.3m

Pebblebrook sells Hotel Madera for $23.3m

Published at: 2019-09-27 15:16 | Author: CIJ USA
Pebblebrook Hotel Trust sold the 82-room Hotel Madera in Washington, DC, for $23.3m. The name of the third-party buyer was not disclosed. The sale price reflects a 14.3x EBITDA multiple and a 5.7-percent net operating income capitalization rate based on the hotel’s operating performance for 2018. Pebblebrook has completed a total of $449m of asset sales towards its goal of $600m. Proceeds will be used to reduce the company's outstanding debt.

Similar Stories:

Blackstone JVs with MGM Resorts on massive Bellagio sale-leaseback
Blackstone Real Estate Income Trust and MGM Resorts International have entered into a $4.2  »
New Cambria Hotel breaks ground in Washington, DC
Choice Hotels International, Donohoe Development Company and Koucar Management have starte  »
Blackstone, Centerbridge Partners take 65% of Great Wolf Resorts
Blackstone and Centerbridge Partners have entered into an agreement to acquire a 65-percen  »
Orion pays $13.5m for single-tenant retail pads in Orlando
Orion Real Estate Group paid $13.5m for three newly constructed single-tenant retail pads  »
The healthcare industry continues to evolve, and brokers who represent medical care provid   »