It recorded a net operating income of $1.6 million and a Hotel EBITDA of $2.1 million for the hotel in the trailing 12 months ended Mar 31, 2023. In a similar move, this May, Pebblebrook concluded the sale of Hotel Monaco Seattle in Seattle, WA, to a third party for $63.3 million.
The company intends to use the sale proceeds for general corporate purposes, which may include reducing its outstanding debt and repurchasing its common and preferred shares. Thus, the disposition of the property seems a strategic fit for Pebblebrook. The net operating income for both periods is calculated after an assumed annual capital reserve of 4% of total hotel revenues. Moreover, based on the hotel’s operating performance for 2019, the sales price indicates an EBITDA multiple of 11.2X and a net operating income capitalization rate of 7.3%. The sales price of the property denotes an EBITDA multiple of 31X and a net operating income capitalization rate of 2.3%. PEB recorded a net operating income of $0.8 million and a Hotel EBITDA of $1.1 million for the hotel in the trailing 12 months ended Mar 31, 2023. The move is in sync with the company’s investment strategy.
The 125-room property was sold to a third party for $33.7 million.
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As previously announced, Pebblebrook Hotel Trust ( PEB Quick Quote PEB - Free Report) recently closed the disposition of Hotel Vintage Seattle situated in Seattle, WA.
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