hotel sale

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hotel sale

Pebblebrook Hotel Trust to Sell LA’s 132-Room Hotel Amarano Burbank for $72.9M

Pebblebrook Hotel Trust | June 3, 2019

BETHESDA, Md.-- 6/3/2019 -- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced that it executed a contract to sell the 132-room Hotel Amarano Burbank in Los Angeles, California for approximately $72.9 million to a third party. The contracted sale price reflects a 15.8x EBITDA multiple and a 5.7% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotel's operating performance for 2018. Based on the trailing 12-month period ended March 2019, the contracted sales price reflects a 16.9x EBITDA multiple and a 5.3% net operating income capitalization ra...

Pebblebrook Hotel Trust Completes Sale of Boston’s Onyx Hotel for $58.3 Million

Pebblebrook Hotel Trust | May 30, 2019

5/30/2019 -- BETHESDA, Md. -- Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") announced that it closed on the sale of the 112-room Onyx Hotel in Boston, Massachusetts for $58.3 million on May 29, 2019. The sale price of $58.3 million reflects a 15.3x EBITDA multiple and a 5.9% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotel's operating performance for 2018. Proceeds from the sale of the Onyx Hotel will be utilized for general business purposes which may include reducing the Company's outstanding debt. As a result of this completed sale, the Company...

Montage Laguna Beach Appoints David Serus as Executive Chef

Montage Laguna Beach | May 16, 2019

LAGUNA BEACH, Calif. (May 16, 2019) – Montage Laguna Beach has appointed David Serus as the resort's executive chef overseeing the culinary operations for the resort's special events, meetings, weddings and banquets, as well as lending his culinary support and business acumen to the resort's restaurants. "David brings over 25 years of luxury culinary experience, talent and management skills to this position," said resort manager Anne-Marie Houston. "We know he will make valuable contributions to Montage Laguna Beach's acclaimed food and beverage team." Serus brings his refined approach to food preparation by outsourcing the best s...

Chatham Lodging Trust Sells Two Western Pennsylvania Hotels for $10 Million

Chatham Lodging Trust | May 16, 2019

WEST PALM BEACH, Fla., May 16, 2019—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it has sold the 105-room Courtyard by Marriott Altoona, Pa., as well as the 86-suite SpringHill Suites by Marriott Washington, Pa. for approximately $10 million. Inclusive of brand required improvements of over $4 million, Chatham sold the hotels at an approximate six percent net operating income capitalization rate (after an assumed annual capital reserve of four percent of total hotel revenues). "W...

The Ogunquit River Inn Joins Ascend Hotel Collection

Ascend Hotel Collection | April 24, 2019

ROCKVILLE, Md., April, 24, 2019 -- The Ogunquit River Inn is the latest hotel to join the Ascend Hotel Collection by Choice Hotels International, Inc. (NYSE: CHH), a portfolio of best-in-class, unique, boutique and historic hotels and resorts that reflect their surrounding community. Located just outside of Portland, Maine, the waterfront town of Ogunquit boasts stunning views of the area's renowned natural beauty and the Rachel Carson Wildlife Preserve. Whether travelers are in the area to see the leaves change or the lilacs bloom, the Ogunquit River Inn allows guests to experience the year-round charm of the Pine Tree State. The O...

Marriott Plans World’s Tallest Modular Hotel Set to Rise in New York City This Fall

Marriott International, Inc. | April 18, 2019

The world's tallest modular hotel – which will carry a brand of Marriott International (NASDAQ:MAR) – is on track to be stacked in late fall in New York City with prefabricated and pre-furnished guestrooms. Once erected over a 90-day period, the 360-foot-tall tower will represent a milestone for Marriott's ongoing initiative to encourage hotel developers in North America to embrace modular for new construction projects. To be topped with a modular roof and modular rooftop bar, the world's tallest modular hotel is expected to open in late 2020 as the AC Hotel New York NoMad. "In North America, the construction process hasn't ...

Hunter Valley’s Most Prestigious Estate Reopens as voco Kirkton Park Hunter Valley in Australia

IHG | April 16, 2019

voco™ Kirkton Park Hunter Valley has today opened its doors as Australia's second voco™ hotel following the completion of a refresh and rebrand to IHG's newest upscale brand, voco. Renowned as one of the Hunter Valley's most prestigious estates, the 70-room property now embodies the bold characteristics of voco, with exclusive features from its bright yellow accents to onsite beehives and distinctive hallmarks, setting it apart for a memorable stay. Already a much-loved destination for locals and visitors alike, Kirkton Park estate reigns on 70 acres of rolling countryside and scenic mountain views, and just minutes away fro...

Olympia Hotel Management Properties Win Multiple Awards

Olympia Hotel Management | April 11, 2019

Accolades from Travel + Leisure and Condé Nast Traveler Join a host of Brand Awards Five properties managed by Olympia Hotel Management have been singled out for an array of industry awards and recognition in recent months, including SOPHY® Hyde Park, The Alfond Inn at Rollins, Hilton Garden Inn Durham-University Medical Center, Hyatt Place Cleveland/Westlake/Crocker Park and Howard Johnson by Wyndham Portsmouth. "These awards are a tribute to the incredible management teams we have at each of these properties," said Sara Masterson, SVP Hotel Management for The Olympia Companies. "It acknowledges great people who are always s...


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