Pebblebrook Hotel Trust has executed a contract to sell the Hotel Amarano Burbank to an unnamed third-party for $72.9 million. The sales price reflects a 15.8x EBITDA multiple and a 5.7% net operating income cap rate, based on the hotel's 2018 performance.

The sale is expected to close in the third quarter of the year. Once the sale is complete, the company will have an estimated total net debt to trailing 12-month corporate EBITDA ratio will decline to approximately 4.6 times.

In addition, the company is continuing redevelopment efforts of Mason & Rook Hotel and Donovan Hotel.

 

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.