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Pebblebrook Divests Florida Hotel for $63M
Pebblebrook Hotel Trust (PEB), headquartered in Bethesda, MD, has closed on the sale of the 157-room Hotel Colonnade Coral Gables, Autograph Collection in Coral Gables, FL for $63 million. The buyer wasn’t disclosed.
For the trailing 12 months ended Dec. 31, 2022, the hotel’s NOI was $4.1 million, and its hotel EBITDA was $4.8 million. Based on the hotel’s operating performance for 2019, the $63-million sale price reflects a 5.5% NOI cap rate.
Earlier in March, PEB divested 909 N. Michigan Ave., a 5,860-square-foot, three-tenant high-street retail parcel, adjacent to the company’s Westin Michigan Avenue Chicago, for $27.3 million. Reportedly the buyer was a venture of Los Angeles-based Blatteis & Schnur.
Last month, PEB sold its second Portland, OR hotel in the past five months with the disposition of the 151-key Heathman Hotel on S.W. Broadway for $45 million to an undisclosed buyer.
- ◦Sale/Acquisition
