Pebblebrook Hotel Trust Buys Embassy Suites San Diego Bay for $112.5M
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has acquired the Embassy Suites San Diego Bay – Downtown for $112.5 million. The 337-suite, urban, upper upscale, full service hotel is located in downtown San Diego, California. The property will be managed by HEI Hotels and Resorts (“HEI”). As a part of this transaction, the Company is assuming a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded by the Company with available cash.
The 337-suite Embassy Suites San Diego Bay – Downtown benefits from a highly visible and easily accessible location at the intersection of Harbor Drive and Pacific Highway in downtown San Diego, just blocks away from the Company's recently renovated Westin Gaslamp Quarter. The location is ideal for convention and leisure travelers alike, within walking distance of the city's leading attractions and demand generators, including the San Diego Convention Center, Seaport Village, San Diego Trolley Station, Horton Plaza Shopping Mall, the U.S.S. Midway Aircraft Carrier Museum, PETCO Park and countless restaurants and entertainment options in the historic Gaslamp Quarter. The hotel is also located minutes from the renowned San Diego Zoo, Sea World, Coronado Island, Balboa Park Museums, Old Town, Qualcomm Stadium, the San Diego Sports Arena, San Diego Naval Pier, San Diego State University, University of California at San Diego and University of San Diego.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.