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Briefs: Pebblebrook selling in SF | Procaccianti sues insurer

Pebblebrook selling SF’s Sir Francis Drake: REIT Pebblebrook Hotel Trust has executed a contract to sell the 416-room Sir Francis Drake in San Francisco to a third party, which the company expects will generate US$157.6 million of proceeds after closing costs. Based on the hotel’s net operating income for the year ended December 31, 2019, such proceeds after customary closing costs reflect a 7.2% net operating income capitalization rate. The net operating income capitalization rate is after an assumed annual capital reserve of 4% of total hotel revenues. The sale of Sir Francis Drake is subject to normal closing conditions,…
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