Pebblebrook Hotel Trust, the hotel and resort REIT, has cashed in another century-old San Francisco hotel to fund the recent expansion of its US resorts portfolio.
In its latest deal, Pebblebrook—the largest investor in San Francisco hotels—finalized the sale of the iconic, 99-year-old Hotel Spero. The venerable 236-room lodging on Taylor Street had a net operating loss in the past year of $1.6M, according to a release posted on Pebblebrook's website.
The deal marks the fourth century-old San Francisco hotel the REIT has sold since April 2021, and the second in two months.
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