Pebblebrook Hotel Trust Acquires LaPlaya Beach Resort in Naples, FL

BETHESDA, MD—Pebblebrook Hotel Trust has acquired LaPlaya Beach Resort, a 189-room, waterfront, luxury resort, and LaPlaya Beach Club, a private members club located at the resort, for a combined purchase price of $185.5 million.

LaPlaya Beach Resort is a 189-room, luxury, full-service resort that sits on six acres of beachfront property. It was originally built in 1968 and underwent a comprehensive, $54-million renovation and redesign in 2002, adding an additional tower, the private beach club and a large parking structure. The hotel’s meeting facilities feature both indoor and outdoor event space, for a combined total of 11,620 sq. ft. The resort offers several food and beverage options including Baleen, which offers sunset views and a seafood-focused menu. The Tiki Bar offers a wide selection of beverages, craft cocktails and snacks, available via butler service to the beach. Other amenities include the resort’s 4,500-sq.-ft. spa, SpaTerre; three outdoor swimming pools; a 2,200-sq.-ft. fitness center; a seven-story parking garage with 310 spaces; a children’s aquatic and beach camp; watersport rentals; and in-room dining. The acquisition also includes the leasehold interest in a 23-slip marina on the Vanderbilt Bay side of the property.

In addition to the acquisition of the resort, the company also purchased the LaPlaya Beach Club. The club provides the company with a strong revenue stream through initiation fees and annual membership dues, while also generating significant ancillary spend at the resort by its members, according to the company. The club has more than 800 current active members and provides a club members’ private dining room, private pool cabanas, and an exclusive agreement with the LaPlaya Golf Course to provide club members and hotel guests with golf access and privileges. The LaPlaya Golf Course is not included in the transaction.

For the year ended December 2014, LaPlaya operated at 77% occupancy, with an average daily rate of $337 and RevPAR of $261. During the next 12 months, the company currently forecasts that the property will generate EBITDA of $14.3 to $15.3 million and net operating income after capital reserves of $12.5 million to $13.5 million.

LaPlaya will continue to be managed by Noble House Hotels & Resorts under a new operating agreement.

The company expects to incur approximately $1.3 million of costs related to the acquisition of the hotel.

The acquisition of LaPlaya Beach Resort brings the total number of properties in the company’s portfolio to 36 and marks the company’s first investment in Naples, FL.