NEW YORK
Pebblebrook Hotel Trust executed a purchase and sale agreement to sell the 618-room, upper upscale, full-service Manhattan NYC in New York for $217.5 million to a third party. The sale of the Manhattan NYC is subject to normal closing conditions and the company hopes to complete the sale in 90 days.
Proceeds from the sale of Manhattan NYC will be utilized for Pebblebrook Hotel Trust’s general business purposes which may include reducing outstanding debt or repurchasing the common shares.
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (REIT) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. The company owns 30 hotels, with a total of 7,837 guest rooms.
The Manhattan NYC contains 10,000 square feet of meeting space for up to 325 attendees.
