WASHINGTON, DC—Pebblebrook Hotel Trust andRLJ Lodging, two REITs headquartered here,continue to invest in high-growth markets. Unfortunately,for the moment that does not include localsubmarkets.
Pebblebrook Hotel Trust just announced that it has acquiredThe Nines Hotel in Portland, OR, for $127million. Earlier this month, RLJ Lodging Trust reportedthat it had snapped up the 194-room Hyatt AtlantaMidtown for $49.5 million.
These REITs are, of course, going where the high-growth marketsare for this asset class, which in this cycle means the West Coastand select markets in the Southeast. Also in general,the hotel REIT cycle is particularly bullish rightnow, spurring companies to make acquisitions.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
