Pebblebrook Hotel Trust Acquires the Hotel Modera
Friday August 30th, 2013 - 10:02AM ESG
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BETHESDA, MD—Pebblebrook Hotel Trust has acquired the Hotel Modera for $47.5 million. The 174-room boutique, upper upscale, full-service hotel is located in downtown Portland, OR.
OLS Hotels and Resorts will manage the property. As a part of this transaction, Pebblebrook Hotel Trust is assuming a $23.7-million secured, non-recourse loan, with the balance of the purchase price being funded by the company with available cash.
The Hotel Modera, originally built in 1962, underwent a $13-million renovation and repositioning that was completed in 2008. The hotel offers Italian Carrera marble, black walnut floors and modern architecture. The hotel’s guestrooms include iPod-docking stations, 32-in. LCD flat screen TVs, pillow-top mattresses and microfiber robes. The hotel offers 2,000 sq. ft. of meeting space in three meeting rooms and an additional 600 sq. ft. of space in two private dining rooms.
Tags: • Hospitality • Acquisitions • Construction/Renovation • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.