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Pebblebrook Trades Retail Portion of Westin Michigan Avenue

Pebblebrook Hotel Trust said Monday that it closed on the sale of 909 N. Michigan Ave., a 5,860-square-foot, three-tenant high-street retail parcel, adjacent to the company’s Westin Michigan Avenue Chicago. The sale price was $27.3 million. 

Although Pebblebrook didn’t disclose the identity of the buyer, Crain’s Chicago Business reported it as a venture of Los Angeles-based Blatteis & Schnur. 909 N. Michigan is one of the only Mag Mile retail properties to trade since the start of the COVID-19 pandemic, according to Crain’s.  

Based on the retail parcel’s net operating income for the year ended Dec. 31, 2022, the sales price reflected an approximately 7.7% cap rate, Pebblebrook said. Proceeds from the sale will be used for general corporate purposes, which may include reducing the hotel REIT’s outstanding debt and repurchasing the company’s common and preferred shares. 


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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