Pebblebrook Hotel Trust Acquires Hotel Palomar San Francisco; Reports RevPAR Increase
Monday October 29th, 2012 - 12:32AM GX
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BETHESDA, MD–Pebblebrook Hotel Trust acquired the Hotel Palomar San Francisco for $58 million just prior to releasing its third quarter earnings report.
The 196-room upper-upscale, boutique hotel is located in the downtown area and will continue to be managed by Kimpton Hotels & Restaurants. The transaction includes the assumption of a $27.2 million secured loan, with the balance of the purchase price funded by the company with available cash.
The company's also revealed its third-quarter 2012 RevPAR increased 6.3%, compared to the same period in 2011. During the quarter, the REIT invested $12.3 million in capital expenditures throughout its portfolio, including at the Westin Gaslamp Quarter Hotel in San Diego, the Hotel Milano in San Francisco, the Sir Francis Drake Hotel also in San Francisco and the Mondrian in Los Angeles.
Tags: • Hospitality • Construction/Renovation • Quarterly Results •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.