Pebblebrook Hotel Trust has acquired the 119-room Inn on Fifth in Naples, Florida for $156 million. As previously announced, the REIT retained Noble House Hotels & Resorts to manage this independent luxury resort property at the center of Downtown Naples.
The acquisition of Inn on Fifth brings the total number of properties in the company's portfolio to 54, including 12 unique drive-to, independent lifestyle resorts and 6 properties in South Florida.
Pebblebrook funded the acquisition with approximately $78 million of cash and approximately $77.6 million of perpetual preferred operating partnership units.
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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.
