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Boston & New England  + Hospitality  |  June 1, 2019
David Cohen
By: David Cohen

Boston’s Onyx Hotel Sold by Pebblebrook for $58M

Pebblebrook Hotel Trust has sold the 112-room Onyx Hotel in Boston for $58.3 million to an undisclosed buyer. The sales price represents a capitalization rate of 5.9%, based on the hotel’s operating performance for 2018.

Proceeds from the sale of the property will be used by Pebblebrook for general business purposes, which may include reducing the company’s outstanding debt.

Pebblebrook owns 60 hotels, totaling approximately 14,500 guest rooms across 16 urban and resort markets, with a focus on the West Coast gateway cities.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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