Search

×

Pebblebrook buys Oregon hotel

Pebblebrook Hotel Trust announced on Thursday that it acquired a fee simple condominium interest in a luxury lifestyle property located in Portland, Oregon, the 331-room The Nines Hotel for US$127 million.

Pebblebrook Hotel Trust, Bethesda, Maryland, said the property will maintain its association with Starwood’s Luxury Collection brand and will continue to be operated by Sage Hospitality. In 2013, The Nines operated at 88% occupancy, with an ADR of US$193 and RevPAR of US$170. During the next 12 months, Pebblebrook currently forecasts that the hotel will generate EBITDA of US$12 to US$12.6 million and NOI of US$10.4 to US$11 million.

“This hotel represents our third hotel investment in Portland’s central business district, and the property’s desirable location across from Pioneer Square ideally places it near many of downtown Portland’s most notable demand generators. The hotel’s excellent downtown location and strong operating fundamentals, including its position as the market’s rate leader, make this acquisition an outstanding addition to our high-quality portfolio,” said Jon Bortz, chairman and CEO of Pebblebrook Hotel Trust.

Public area at The Nines Hotel
Public area at The Nines Hotel
Comment