Pebblebrook Hotel Trust | August 26, 2022
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on August 25, 2022, it closed on the sale of the 236-room Hotel Spero in San Francisco, CA for $71.0 million to a third party. For the trailing twelve months ended June 30, 2022, the hotel’s net operating loss was ($1.6) million, and its Hotel EBITDA was ($1.4) million. Based on the hotel’s operating performance for 2019, the $71.0 million sales price reflects a 9.1x EBITDA multiple and a 9.8% net operating income capitalization rate. The net operating income (loss) for both periods mentioned above is after an assumed annual capital reserve of ...
San Francisco’s Historic Serrano Hotel Completes $16 Million Renovation Debuting as Hotel Spero in April 2018
Hotel Spero | March 8, 2018
San Francisco, Calif. [March 08, 2018] – San Francisco's Hotel Spero, has completed a top-to-bottom renovation that honors the hotel's original 1923 Spanish Colonial Revival architecture. Formerly known as the Serrano Hotel, the 236-room hotel is a well-known fixture of the Union Square neighborhood. The entire property, including the five meeting rooms and restaurant remained fully operational throughout the $16 million dollar renovation. "We are incredibly excited to announce that the brand new Hotel Spero will be unveiled next month on April 22, 2018," said Benjamin Malmquist, General Manager of the Serrano Hotel. "We found ins...
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