US-based publicly traded real estate investment trust Pebblebrook Hotel Trust has completed the sale of the 125-room Hotel Vintage Seattle in Seattle, Washington, for $33.7m.

This property was sold to a third party, whose name was not disclosed.

The hotel’s net operating income was $0.8m for the fiscal year ending 31 March 2023. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $1.1m.

The sales consideration marks a 31-times EBITDA multiple and a 2.3% net operating income capitalisation rate.

This price implies an 11.2-times EBITDA multiple and a 7.3% net operating income capitalisation rate depending on the operating performance of the property in 2019.

Pebblebrook Hotel Trust noted that “the net operating income for both periods mentioned above is after an assumed annual capital reserve of 4.0% of total hotel revenues.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Sale proceeds will be utilised to lower the company’s debt and for repurchasing common and preferred stock.

Hotel Vintage Seattle features 125 guest rooms and several other amenities, including free access to hotel bicycles, an equipped fitness centre and a pet park.

Furthermore, the property has a 660ft² event area with free Wi-Fi access, as well as multimedia and audio-visual support.

Pebblebrook Hotel Trust operates 47 hotels and resorts in 13 urban and resort regions, comprising around 12,200 guest rooms.

Earlier this month, the company struck a $63.3m deal to offload the Kimpton Hotel Monaco, a 189-key property in Seattle, Washington, which was purchased by Canadian hotel company InnVest Hotels.