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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.
News For PEB From The Last 14 Days
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September 23, 2014
08:06 EDTPEBThe ONE Group signs hospitality services agreement with Pebblebrook Hotel
The ONE Group Hospitality( STKS) announced that it signed a hospitality services agreement with Pebblebrook Hotel Trust (PEB) to provide food and beverage services at W Los Angeles, Westwood in Los Angeles, California, beginning in 4Q14. In addition to providing pool side restaurant and hospitality services at the hotel, the company will open an STK restaurant in 2015.

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