December 6, 2018
Bethesda, MD-based Pebblebrook Hotel Trust closed on the sale of the 140-room, Grand Hotel Minneapolis in Minneapolis, MN for $30 million. The deal includes the hotel and the 57,000 square foot fitness center which is fully-leased to a third-party tenant until June 2019.
The sales price reflects a 7.9x EBITDA multiple, and an 11.2% net operating income capitalization rate.
Proceeds from the sale of the Grand Hotel Minneapolis will be utilized for general business purposes, which may include reducing the company’s outstanding debt. As of result of this completed sale, Pebblebrook’s total net debt to trailing 12-month corporate EBITDA is estimated to be 5.1 times.
For comments, questions or concerns, please contact Dennis Kaiser