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DC’s K streetBETHESDA, MD–Pebblebrook Hotel Trust and Denihan Hospitality Group have carved up between them the six hotels they had owned jointly in New York City with Pebblebrook taking two of the assets and Denihan taking six.
The portfolio was valued at $820 million in the transaction.
Some background behind the split is in order first: Pebblebrook acquired its 49% stake in this portfolio in 2011 for $152 million. The transaction allowed for an exit option in late summer of 2016 and early this year the REIT tapped two investment advisors to market its joint venture interest in the venture.
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