{"id":470558,"date":"2021-04-05T07:03:25","date_gmt":"2021-04-05T11:03:25","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=470558"},"modified":"2021-04-05T07:03:25","modified_gmt":"2021-04-05T11:03:25","slug":"pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/","title":{"rendered":"Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwmarginl1 { margin-left: 30px }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings<\/b><\/p>\n<p>BETHESDA, Md.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nPebblebrook Hotel Trust (NYSE: PEB) (the \u201cCompany\u201d) today announced that it closed on the sale of the 416-room Kimpton Sir Francis Drake Hotel in San Francisco, CA to a third party on April 1, 2021, generating $157.6 million of net proceeds after customary closing costs.\n<\/p>\n<p>\nBased on the hotel\u2019s operating performance for 2019, the $157.6 million of net proceeds reflects an 11.8x EBITDA multiple and a 7.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues). The Company purchased Sir Francis Drake Hotel for $90.0 million in 2010 as its second hotel. The property was a very successful investment for the Company, delivering a significant gain on sale and an 11-year compounded internal rate of return of over 12% a year.\n<\/p>\n<p>\nProceeds from the sale of Sir Francis Drake Hotel will be utilized for general business purposes, which may include reducing the Company\u2019s outstanding debt.\n<\/p>\n<p><b><span class=\"bwuline\">Reopening of Additional Hotels<\/span><\/b><\/p>\n<p>\nThe Company has recently reopened operations at the following five urban hotels:\n<\/p>\n<p class=\"bwmarginl1\">\n&#8211; Argonaut Hotel San Francisco;<br \/>\n<br \/>&#8211; Harbor Court Hotel San Francisco;<br \/>\n<br \/>&#8211; Hotel Monaco Washington DC;<br \/>\n<br \/>&#8211; Hotel Zelos San Francisco; and<br \/>\n<br \/>&#8211; Revere Hotel Boston Common.\n<\/p>\n<p>\nWith these recent hotel reopenings, the Company has now reopened 44 of the 52 hotels and resorts in its portfolio. These 44 properties accounted for 86% of the Company\u2019s 2019 Hotel EBITDA. The Company\u2019s remaining suspended hotels are expected to reopen in the coming weeks and months as demand recovers.\n<\/p>\n<p><b><span class=\"bwuline\">About Pebblebrook Hotel Trust<\/span><\/b><\/p>\n<p>\nPebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (\u201cREIT\u201d) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 52 hotels, totaling approximately 12,800 guest rooms across 14 urban and resort markets with a focus on the west coast gateway cities. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pebblebrookhotels.com&amp;esheet=52405837&amp;newsitemid=20210405005045&amp;lan=en-US&amp;anchor=www.pebblebrookhotels.com&amp;index=1&amp;md5=853c58e8fa78033607ab2f9648b05152\">www.pebblebrookhotels.com<\/a> and follow us at @PebblebrookPEB.\n<\/p>\n<p class=\"bwalignc\"><i>For additional information or to receive press releases via email, please visit our website at<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pebblebrookhotels.com&amp;esheet=52405837&amp;newsitemid=20210405005045&amp;lan=en-US&amp;anchor=www.pebblebrookhotels.com&amp;index=2&amp;md5=3dce2baf5a73d6ee997353b320ea43fc\">www.pebblebrookhotels.com<\/a><\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210405005045r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210405005045\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210405005045\/en\/<\/a><\/span><\/p>\n<p>\nRaymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust &#8211; (240) 507-1330\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America Massachusetts Maryland California District of Columbia<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> REIT Lodging Commercial Building &amp; Real Estate Construction &amp; Property Travel<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210405005045\/en\/388988\/3\/Pebblebrook_Logo_Low_Res.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings BETHESDA, Md.&#8211;(BUSINESS WIRE)&#8211; Pebblebrook Hotel Trust (NYSE: PEB) (the \u201cCompany\u201d) today announced that it closed on the sale of the 416-room Kimpton Sir Francis Drake Hotel in San Francisco, CA to a third party on April 1, 2021, generating $157.6 million of net proceeds after customary closing costs. Based on the hotel\u2019s operating performance for 2019, the $157.6 million of net proceeds reflects an 11.8x EBITDA multiple and a 7.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues). The Company purchased Sir Francis Drake Hotel for $90.0 million in 2010 as its second hotel. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-470558","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings BETHESDA, Md.&#8211;(BUSINESS WIRE)&#8211; Pebblebrook Hotel Trust (NYSE: PEB) (the \u201cCompany\u201d) today announced that it closed on the sale of the 416-room Kimpton Sir Francis Drake Hotel in San Francisco, CA to a third party on April 1, 2021, generating $157.6 million of net proceeds after customary closing costs. Based on the hotel\u2019s operating performance for 2019, the $157.6 million of net proceeds reflects an 11.8x EBITDA multiple and a 7.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues). The Company purchased Sir Francis Drake Hotel for $90.0 million in 2010 as its second hotel. &hellip; Continue reading &quot;Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-05T11:03:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210405005045r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings\",\"datePublished\":\"2021-04-05T11:03:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\\\/\"},\"wordCount\":409,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210405005045r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\\\/\",\"name\":\"Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings - 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Based on the hotel\u2019s operating performance for 2019, the $157.6 million of net proceeds reflects an 11.8x EBITDA multiple and a 7.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues). The Company purchased Sir Francis Drake Hotel for $90.0 million in 2010 as its second hotel. &hellip; Continue reading \"Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-05T11:03:25+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210405005045r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings","datePublished":"2021-04-05T11:03:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/"},"wordCount":409,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210405005045r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/pebblebrook-hotel-trust-completes-sale-of-sir-francis-drake-hotel-and-provides-an-update-on-hotel-reopenings\/","name":"Pebblebrook Hotel Trust Completes Sale of Sir Francis Drake Hotel and Provides an Update on Hotel Reopenings - 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