Pebblebrook Hotel Trust has acquired for US$185 million the 189-room luxury LaPlaya Beach Resort as well as LaPlaya Beach Club, a private members club located at the resort in Naples, Florida. Sold by Halstatt and Noble House Hotels and Resorts, LaPlaya will continue to be managed by Noble House under a new management deal.
The resort was originally built in 1968, was acquired by Halstatt and Noble House in 2001 and underwent a US$54 million renovation and redesign in 2002, adding an additional tower, the private beach club and a large parking structure.
For the year ended December 2014, LaPlaya operated at 77% occupancy with an ADR of US$337 and RevPAR of US$261. During the next 12 months, Pebblebrook currently forecasts that the property will generate EBITDA of US$14.3 million to US$15.3 million and NOI of US$12.5 million to US$13.5 million.
The acquisition of LaPlaya Beach Resort gives Pebblebrook 36 properties.