Hotel PalomarWASHINGTON, DC—Pebblebrook Hotel Trust has sold the 335-room, Hotel Palomar Washington, DC for $141.5 million.
The sale price reflects a 14.9x EBITDA multiple and a 5.9% net operating income capitalization rate, after an assumed annual capital reserve of 4.0% of total hotel revenues, based on the hotel's operating performance for 2018.
This sale follows on the heels of the sale of the 343-room, Liaison Capitol Hill in the District for $111 million.
Pebblebrook reports that the aggregate proceeds of $252.5 million for these two transactions reflect a 15.7x EBITDA multiple and a 5.5% net operating income capitalization rate based on the operating performance of the hotels in 2018.
Proceeds from the sale of Hotel Palomar Washington, DC will be used for general business purposes which may include reducing Pebblebrook's outstanding debt.
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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.
