Pebblebrook Hotel Trust recently closed on the sale of the 125-room Hotel Vintage Seattle in Seattle, WA for $33.7 million to an unidentified third party. This sale price was slightly more than what Pebblebrook paid for it back in 2012. The trailing 12 months ended March 31, 2023 saw a NOI of $0.8 million and hotel EBITDA of $1.1 million with a 31x EBITDA multiple and 2.3% NOI capitalization rate being reflected in the sale price according to Pebblebrook’s reports from 2019 which showed an 11x EBITDA multiple and 7% NOI cap rate instead..
The REIT announced that proceeds from this divestment will be used towards general corporate purposes such as reducing outstanding debt or repurchasing common/preferred shares if necessary .
