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Stock Market & Financial Investment News

News Breaks
July 17, 2014
16:30 EDTPEBPebblebrook Hotel acquires the Nines Hotel in Portland, Oregon for $127M
Pebblebrook Hotel has acquired The Nines Hotel for $127.0M, a 331-room luxury hotel located in downtown Portland, Oregon. The company acquired a fee simple condominium interest in The Nines Hotel. During the next 12 months, the Company currently forecasts that the hotel will generate EBITDA of $12.0M-$12.6M and net operating income after capital reserves of $10.4M-$11.0M. In conjunction with the acquisition, the company is assuming three secured, non-recourse loans totaling $50.7M, which are subject to a weighted average interest rate of 7.4%. Each of the loans matures on March 5, 2015. The company expects to invest $6.0M-$8.0M of capital to refresh the guestrooms and public areas, which it anticipates commencing in Q15. The company expects to incur approximately $0.8M of costs related to the acquisition of the hotel that will be expensed as incurred.
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December 18, 2014
16:05 EDTPEBPebblebrook Hotel acquires the Revere Hotel Boston Common in Boston
Pebblebrook Hotel Trust announced that it has acquired the Revere Hotel Boston Common, an attached 826-space parking garage and an adjacent land parcel for $260.4M. The 356-room hotel is located in the heart of the historic Theater District of downtown Boston, Massachusetts. For the trailing twelve months ended November 2014, the Revere Hotel operated at 87% occupancy, with an average daily rate of $231 and room revenue per available room of $202. In 2015, the company currently forecasts that the hotel will generate earnings before interest, taxes, depreciation and amortization, EBITDA, of $18.0 to $18.5M and net operating income after capital reserves of $16.2 to $16.7M. The company expects to incur approximately $0.5Mof costs related to the acquisition of the hotel.
December 11, 2014
09:01 EDTPEBPebblebrook Hotel acquires Union Station Hotel in Nashville for $52.3M
Pebblebrook Hotel Trust announced that it has acquired Union Station Hotel, Autograph Collection for $52.3M. The 125-room iconic historic landmark hotel is located on Broadway, in the center of downtown Nashville, Tennessee. The property will maintain its association with Marriott’s Autograph Collection and will be operated by Sage Hospitality.

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