Home
Hotel News
BITAC® Events!
Food & Beverage Jan. 19, 2020 More Info 4 Supplier Spots Left
Luxury Mar. 01, 2020 More Info 6 Supplier Spots Left
Operations Apr. 19, 2020 More Info 11 Supplier Spots Left
Building Your Hospitality Business
  Are you a member? Log In  or  Sign Up
Hotel Interactive®, Inc.
 
Share
Send a summary and link to this article
To Email
Your Name
Your Email
Bot Test
To pass the Bot Test, please type the white text that you see in the gray box. This helps us prevent spammers from abusing the system.
Print Printable Version

Pebblebrook Hotel Trust Completes Sale Of Topaz Hotel

Tuesday, November 26, 2019
bookmark this
Bookmark to: Digg Bookmark to: Del.icio.us Bookmark to: Facebook
Bookmark to: Yahoo Bookmark to: Google Bookmark to: Twitter
We are on Twitter

BETHESDA, MD--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that it closed on the sale of the 99-room Topaz Hotel in Washington, D.C. for $33.1 million to a third party on November 22, 2019.

The sale price of $33.1 million 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 September 30, 2019, the contracted sales price reflects a 17.9x EBITDA multiple and a 4.9% net operating income capitalization rate.

Following the sale of Topaz Hotel, the Company has completed a total of $1.33 billion of asset sales as part of its strategic disposition plan, and year to date, the Company has completed a total of $482.1 million of asset sales towards its goal of $600.0 million, which reflects a 16.0x EBITDA multiple and a 5.45% net operating income capitalization rate based on the hotels’ performance for 2018. The net operating income capitalization rates above are after an assumed annual capital reserve of 4.0% of total hotel revenues.

Proceeds from the sale of Topaz Hotel will be utilized for general business purposes which may include reducing the Company’s outstanding debt.
Feedback Messaging & Feedback
We welcome your opinion! Log In to send feedback.
Already a member?
Login
Log In
Not yet registered?
Login
Sign Up
Need More Information?
Information
Benefits
 
  RSS Feed
RSS Feed
Policies
Contact Us
Mobile Version