Pebblebrook Hotel Trust (NYSE: PEB) announced that on May 24, 2023, it closed on the sale of the 125-room Hotel Vintage Seattle in Seattle, WA for $33.7 million to a third party.
For the trailing twelve months ended March 31, 2023, the hotel’s net operating income was $1.6 million, and its Hotel EBITDA was $2.1 million, with the $63.3 million sales price reflecting a 30.7x EBITDA multiple and a 2.5% net operating income capitalization rate.
Same-Property Total RevPAR increased 23.8% vs. 2022 - Same-Property EBITDA $59.3 million, 25.4% above 2022
For the trailing twelve months ended December 31, 2022, the hotel’s net operating income was $4.1 million, and its Hotel EBITDA was $4.8 million.
Pebblebrook Hotel Trust (NYSE: PEB) today announced that it closed on the sale of 909 North Michigan Avenue, a 5,860 square-foot 3-tenant fully occupied high-street retail parcel, adjacent to the Company’s Westin Michigan Avenue Chicago for $27.3 million to a third party.
Pebblebrook Hotel Trust (NYSE: PEB) today announced that on February 22, 2023, it closed on the sale of the 151-room The Heathman Hotel in Portland, OR for $45.0 million to a third party.
Additionally, the Company announced that it had executed a contract to sell the 151-room The Heathman Hotel in Portland, Oregon for $45.0 million to a third party.
While November’s Same-Property operating results significantly exceeded last year’s performance, they were below the previously provided outlook due to a negative impact from Hurricane Nicole and weaker business and leisure demand during the second half of the month, which may relate to new seasonal patterns around holidays due to hybrid work.
Reports Same-Property RevPAR up 45.9% vs. 2021 and 1.3% vs. 2019
Pebblebrook Hotel Trust (NYSE: PEB) last week announced that on October 13, 2022, it successfully refinanced $2.0 billion of credit facilities and term loans, resulting in a $650.0 million senior unsecured revolving credit facility and three term loans totaling $1.4 billion.