- Pebblebrook Hotel Trust (NYSE:PEB) buys the Radisson Hotel Fisherman's Wharf - 355 rooms and 44K square feet of retail space - for $132M, with an expectation of spending $18M-$20M over the next two years to completely renovate the hotel.
- The hotel is expected to operate at 89% occupancy in 2013 with RevPAR of $165 and NOI of $11M. The retail space is 95% net leased with average rent/foot of more than $100. Pebblebrook estimates the hotel will generate $9.3M-$9.8M in NOI in 2014.
- Pebblebrook expects acquisition costs of about $2.1M and $1M of costs related to transition of the new management team.
- Press release