Pebblebrook Hotel Trust has acquired the 119-room Inn on Fifth in Naples, Florida for $156 million. As previously announced, the REIT retained Noble House Hotels & Resorts to manage this independent luxury resort property at the center of Downtown Naples.
The acquisition of Inn on Fifth brings the total number of properties in the company’s portfolio to 54, including 12 unique drive-to, independent lifestyle resorts and 6 properties in South Florida.
Pebblebrook funded the acquisition with approximately $78 million of cash and approximately $77.6 million of perpetual preferred operating partnership units.