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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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