BETHESDA, MD—Pebblebrook Hotel Trust has closed on the sale of the 252-guestroom Dumont NYC for $118 million.
The sale price shows a 25.2x EBITDA multiple and a 3.3 % net operating income capitalization rate based on the twelve-month operating performance for the period ended May 31, 2017.
Proceeds from the sale of the Dumont NYC will be utilized for general business purposes, which may include reducing the company’s outstanding debt or repurchasing the company’s common shares. Following the sale of the Dumont NYC, Pebblebrook’s estimated net debt to trailing 12-month corporate EBITDA will decline to approximately 4.0 times.
Pebblebrook Hotel Trust is a publicly traded REIT organized to acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major cities. The company owns 28 hotels, with a total of 6,970 guestrooms.