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BETHESDA, MD—Pebblebrook Hotel Trust is under contract to sell the 422-room InterContinental Buckhead Atlanta, and the 237-room Sofitel Washington DC Lafayette Square for $331 million to an unidentified buyer.
For InterContinental Buckhead Atlanta, the contracted sale price reflects a 6.4% net operating income capitalization rate based on the hotel's operating performance for 2018.
For Sofitel Washington DC Lafayette Square, the contracted sale price reflects a 5.7% net operating income capitalization rate based on the hotel's operating performance for 2018.
For both properties combined, the contracted sale price reflects a 6.1% net operating income capitalization rate based on the hotels' operating performance for 2018.
The sale of the properties is subject to normal closing conditions. Pebblebrook is targeting to complete the sale in the first quarter of 2020.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
