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 •
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.