PEB - Pebblebrook Hotel Trust to sell Hotel Zoe Fisherman's Wharf for $68.5M

2023-10-16 07:12:59 ET

• Pebblebrook Hotel Trust ( NYSE: PEB ) to sell the 221-room Hotel Zoe Fisherman’s Wharf in San Francisco, California for $68.5 million to a third party, reflecting a 25.0x EBITDA multiple and a 3.2% net operating income capitalization rate.
• The sale is targeted to be completed later in the fourth quarter of 2023.
• For the trailing twelve months ended September 30, 2023, the hotel’s net loss is estimated at ($1.2) million, its net operating income is estimated at $2.2 million, and its EBITDA is estimated at $2.7 million.
• Proceeds from the sale of Hotel Zoe Fisherman’s Wharf will be used for general corporate purposes, including reducing the Company’s outstanding debt and repurchasing the Company’s common and preferred shares.
• Source: Press Release

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