Topaz Hotel in Washington DC
WASHINGTON DC – Pebblebrook Hotel Trust has executed a contract to sell the Topaz Hotel in Washington DC for $33 million.
The sale of the 99-room hotel to a third party, is subject to standard closing conditions, as Pebblebrook Hotel Trust offers no assurances that the sale will be completed on these terms. The company aims to complete the sale in the fourth quarter of 2019.
The contracted $33 million sale price reflects a 19.5x EBITDA multiple and a 4.4% net-operating income capitalization rate, based on the Topaz Hotel's 2018 operating performance. The contracted sales price reflects an 18.2x EBITDA multiple and a 4.8% net-operating income capitalization rate, based on the 12-month period ending in June 2019. The net-operating income capitalization rates are after an assumed annual capital reserve of 4.0% of total hotel revenues.
Pebblebrook Hotel Trust, a publicly traded REIT, is the nation's largest owner of urban and resort lifestyle hotels. The company owns 57 hotels, totaling 14,100 guest rooms across 16 markets, with a focus on west coast gateway cities.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
