PEB - Pebblebrook Hotel Trust sells Hotel Vintage Seattle for $33.7M

2023-05-25 17:02:20 ET

• Pebblebrook Hotel Trust ( NYSE: PEB ) said Thursday it closed on the sale of the Hotel Vintage Seattle in Washington for $33.7M to an undisclosed third party.
• For the trailing twelve months ended March 31, the hotel's net operating income was $0.8M and its Hotel EBITDA was $1.1M.
• The sale price reflects a 31x EBITDA multiple and a 2.3% net operating income cap rate.
• Proceeds from the sale will be used for general corporate purposes, which may include reducing Pebblebrook's ( PEB ) outstanding debt and repurchasing shares.
• Earlier, Pebblebrook ( PEB ) said Q2 demand and profitability trends were in line with expectations.

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