Pebblebrook Hotel Trust has recently completed the sale of its Marina City retail space and two adjacent parking facilities for $30 million. The buyer, Sperry Equities, a real estate investment firm based in Irvine, California, acquired approximately 146,000 square feet of retail space and 900 parking spaces. These properties are located near various high-end restaurants and retailers.
JLL brokers Adam McGaughy and John Nugent were hired by Pebblebrook earlier this year to market the Hotel Chicago Downtown at 333 North Dearborn Street along with the retail and parking portions of the historic Marina City towers.
In 2018, Pebblebrook gained ownership of these properties as well as Westin Michigan Avenue through their acquisition of LaSalle Hotel Properties in a $5.2 billion merger deal. This recent transaction marks another successful move for Pebblebrook’s portfolio growth strategy.
The article originally published on Connect CRE highlights how Maryland-based hotel trust company sold off its assets to continue expanding their investments without mentioning any specific locations or companies involved.
