Pebblebrook sells Topaz Hotel for $33m
Published at: 2019-11-26 13:21 | Author: CIJ USA
Pebblebrook Hotel Trust has closed on the $33.1m disposition of Topaz Hotel in Washington, DC. The 99-room property changed hands for just over $334,340 per room key. Based on the trailing 12-month period that ended Sept. 30, the contracted sales price reflects a 17.9x EBITDA multiple and a 4.9-percent net operating income capitalization rate. Pebblebrook has completed a total of $482.1m of asset sales this year. Its goal is $600m. The company will use proceeds from the sale for general business purposes, including reducing its outstanding debt.
The Cordish Companies started construction on a $150m Live! Casino project located 30 mile »
Hawkins Way Capital paid $67.5m for the historic Copley Square Hotel. Located in Boston’ »
Baltimore ♦ Cambria Hotel underway in Detroit
Means Group and Koucar Management broke ground on Cambria Hotel Detroit Downtown. The prop »