- Hotel and resort REIT Pebblebrook Hotel Trust ( NYSE: PEB ) said it has sold Sofitel Philadelphia at Rittenhouse Square for $80M, with the net proceeds used to reduce outstanding debt borrowings associated with recent hotel acquisitions.
- As part of the recent updates on portfolio and operating trends, the company said it has two additional hotels under contract for sale for ~$103.9M in gross proceeds, and the sale is expected to complete in Q3.
- PEB estimates July revenues to be 4% above of July 2019 level, and the month's operating results to exceed expectations due to robust leisure demand and continuing rapid recovery in business demand.
- July occupancy rose to 74%, with group and transient business travel demand accelerating. However, August results are estimated to be down from July with normal back-to-school seasonality.
- The company expects the ongoing recovery in business travel to continue in September and Q4 as companies encourage more meetings, business transient reverts to its healthy historical weekday travel patterns and higher volumes and convention attendance further improves.
- Source: Press Release
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Pebblebrook Hotel Trust sells Sofitel Philadelphia for $80M, provides July revenue updates