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Pebblebrook Puts Hotel Zoe Fisherman’s Wharf Under Contract
Pebblebrook Hotel Trust has executed a contract to sell the 221-room Hotel Zoe Fisherman’s Wharf in San Francisco for $68.5 million to an undisclosed third party. The property sale is expected to be completed later in the fourth quarter of 2023.
For the trailing 12 months ended Sept. 30, the hotel’s net loss is estimated at $1.2 million, its NOI is estimated at $2.2 million, and its EBITDA is estimated at $2.7 million. The $68.5-million sales price reflects a 25.0x EBITDA multiple and a 3.2% NOI cap rate, assuming a capital reserve of 4.0% of total hotel revenues.
Proceeds from the sale of Hotel Zoe Fisherman’s Wharf will be used for general corporate purposes, including reducing Bethesda, MD-based Pebblebrook’s outstanding debt and repurchasing the company’s common and preferred shares.
- ◦Sale/Acquisition
