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Guestroom at the Sofitel Philadelphia (click to enlarge). |
PHILADELPHIA—Pebblebrook Hotel Trust has acquired the Sofitel Philadelphia from GEM Realty Capital, Whitehall Street Global Real Estate LLC and Accor for US$87 million.
Pebblebrook’s financing of the deal includes the assumption of a US$56.1-million secured loan. The loan, which matures in February 2012, is a non-recourse, interest-only loan subject to a floating interest rate based on the 30-day LIBOR rate plus 1.3%, according to a Pebblebrook news release. As of 3 December, the interest rate for the loan was 1.56%. Pebblebrook CFO Ray Martz could not be reached for comment.
“We view the debt as attractive and the debt assumption is in line with management’s previously announced plans to increase leverage through the use of property-specific debt,” David Loeb, an analyst at R.W. Baird, said in a research note 6 December.
Following are additional details about the hotel as disclosed by Pebblebrook.
• 2009 occupancy was 77% with an average daily rate of US$169.
• Earnings before interest, taxes, depreciation and amortization during the next 12 months are expected to be US$4.7 million to US$5.3 million.
• Net operating income after capital reserves during the next 12 months are expected to be US$3.8 million to US$4.4 million.
Steve Hennis of STR Analytics contributed to this report.
Contact:
Pebblebrook Hotel Trust
Ray Martz, CFO
Phone: 240-507-1330