Pebblebrook Hotel Trust to Acquire Margaritaville Hollywood Beach Resort for $270M
Pebblebrook Hotel Trust has announced that it executed a contract to acquire the 369-room Margaritaville Hollywood Beach Resort in Hollywood, FL. for $270 million.
Located on the Hollywood Beach Broadwalk, the 18-story resort features a number of pools and fitness center as well as a selection of eight restaurants, including Jimmy Buffett’s Margaritaville, LandShark Bar & Grill and the 5 o’ Clock Somewhere Bar & Grill.
The acquisition is anticipated to be funded from existing cash on hand and is targeted to be completed by the end of the third quarter of 2021. As part of the acquisition, the Company may assume up to $161.5 million of secured, non-recourse debt currently in place.
The Company also announced that it intends to market for sale the 189-room Villa Florence San Francisco on Union Square in San Francisco.
- ◦Sale/Acquisition