SAN FRANCISCO-Griffin Capital Corp., sponsor of the Hotel Palomar tenant-in-common ownership platform, has sold the hotel for $58 million to Pebblebrook Hotel Trust, a publicly traded REIT. The property is a 196-room luxury boutique hotel located on 4th Street in the South of Market submarket. The hotel and its renowned Fifth Floor Restaurant and Lounge are managed by previous owner Kimpton Hotels and Restaurants.

Griffin was represented in the sale by a Jones Lang LaSalle Hotels team led by John Strauss. The firm had acquired the luxury boutique hotel located in the South of Market submarket here from Kimpton in August 2007 for $36.3 million, which included a $27.2-million first mortgage loan and $18.2 million the firm had raised from 31 tenant-in-common investors. At the time of purchase, a number of reserve accounts were funded to provide operating cash balances and renovation capital to be deployed at the Palomar for planned room and common-area upgrades.

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