The contracted sale price reflects a 19.5x EBITDA multiple and a 4.4% net operating income capitalization rate based on the hotel’s operating performance for 2018.
Pebblebrook Hotel Trust (NYSE: PEB) last week announced that it closed on the sale of the 82-room Hotel Madera in Washington, D.C. for $23.3 million to a third party.
RLJ Lodging Trus (NYSE: RLJ) today announced it has acquired the 164-room Hyatt Place DC/Downtown/K Street in Washington, D.C. and will acquire within the next few days the 170-room Homewood Suites Seattle/Lynnwood in Lynnwood, WA for a combined purchase price of $105.9 million.