Friday August 9th, 2013 - 9:17AM
HOLLYWOOD, CA--Pebblebrook Hotel Trust has acquired the Redbury Hotel located here for $34 million. The 57-room, full-service hotel will continue to be managed by sbe Hotel Group.
In 2012, The Redbury Hotel operated at 84% occupancy, with an average daily rate of $274. and RevPAR of $230. During the next 12 months, the company currently forecasts that the hotel will generate earnings before interest, taxes, depreciation and amortization of $2.75 to $3.0 million and an NOI of $2.25 to $2.5 million.
Designed by creative director and photographer Matthew Rolston, in collaboration with sbe Founder and CEO Sam Nazarian, The Redbury Hotel is situated at the convergence of Hollywood and Vine, and is just steps away from the center of the Hollywood Walk of Fame.
In addition to being just a block away from the Hollywood / Vine Metro Red Line, the hotel is well-located for access to the greater Los Angeles area’s attractions, including the Hollywood Bowl, Beverly Hills, Century City, UCLA, the Getty Center, Downtown Los Angeles, Santa Monica and Los Angeles International Airport.
The Redbury Hotel has 57 all-suite guestrooms that average 790 sq. ft. Each suite attempts to offer a home-like atmosphere with 40- or 46-in. high-definition LCD TVs with DVD and DVR, high-speed WiFi, oversized walk-in rain showers, floor-to-ceiling windows, private patio or balcony and European-style kitchens with gas burners.
The hotel also offers Cleo, a Mediterranean restaurant and bar, and The Library, a private indoor-outdoor lounge on the second floor. In addition, the property contains 154 on-site parking spaces and provides valet parking.
“We’re thrilled with the acquisition of the Redbury in the dynamic, high-barrier-to-entry Hollywood neighborhood,” stated Jon Bortz, Chairman, President and CEO of Pebblebrook Hotel Trust. “The steady demand growth of the market, along with a historically constrained supply environment, provides excellent operating fundamentals for the market and the hotel.”