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The 306-room Philadelphia Sofitel Hotel Sold for $87 million
to Pebblebrook Hotel Trust

By Paul Schweizer, The Philadelphia InquirerMcClatchy-Tribune Regional News

Dec. 03, 2010--The Philadelphia Sofitel Hotel, an upscale 306-room hotel near Rittenhouse Square, has been sold for $87 million to a real estate investment trust.

The buyer, Pebblebrook Hotel Trust, Bethesda, Md., which announced the deal today, said the price includes the assumption of a $56.1 million loan.

The seller was South 17th Street Ownerco, a private equity firm.

The hotel, at 120 S. 17th St., occupies a building that once housed the Philadelphia Stock Exchange. In 2009, Pebblebrook said, the hotel had a 77 percent occupancy rate and an average daily room rate of $169.

Pebblebrook said the hotel is expected to generate operating earnings of $3.8 million to $4.4 million over the next 12 months.

The hotel has been managed by Sofitel (Accor SA), which will continue as manager. -- Paul Schweizer


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