Pebblebrook Acquires Embassy Suites San Diego Bay-Downtown
Wednesday January 30th, 2013 - 11:18AM H
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SAN DIEGO—Pebblebrook Hotel Trust has acquired the Embassy Suites San Diego Bay-Downtown for $112.5 million, bringing the total number of properties in its portfolio to 26.
As part of the transaction, the company is assuming a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded by the company with available cash. The loan matures in June 2016.
Built in 1988, the 337-suite hotel was fully renovated in 2006 and completed a $3.5-million renovation of the guest suites last May.
The hotel features a 12-story atrium; PFC Bar & Grill; approximately 5,000 sq. ft. of meeting space; an indoor heated swimming pool and whirlpool; and 3,411 sq. ft. of leased retail space on the ground floor.
The company forecasts that in 2013 the hotel will generate EBITDA of $8.5 to $9 million and NOI of $7.5 to $8 million, both before an expected $1-million renovation impact.
HEI Hotels and Resorts will manage the property.
Tags: • Hospitality • Ownership •
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.