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Pebblebrook Sells DoubleTree Bethesda for Less Than What It Paid

BETHESDA, MD--The REIT is selling the hotel for $50.1 million after paying $67.1 million for the asset six years ago.

By Erika Morphy | erikamorphy | Updated on November 03, 2016

Bethesda Doubletree. Photo by Pebblebrook Bethesda Doubletree. Photo by Pebblebrook

BETHESDA, MD–Days after it announced it had put the DoubleTree Bethesda under contract, Pebblebrook Hotel Trust reports that the deal has closed, with  the 270-room upscale hotel trading for $50.1 million. The buyer has not been announced.

The sale price implies an 11.6 times EBITDA multiple and a 7.4% NOI cap rate based on the trailing twelve-month operating performance for the period ended Sept. 30, 2016. The REIT recorded an impairment charge of $12.1 million relating to the sale for the third quarter.

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