Pebblebrook Hotel Trust has acquired the Sofitel Philadelphia Hotel in Pennsylvania, US, for $87m.
The transaction was funded by a $56.1m secured loan, with the remaining provided by Pebblebrook’s available cash.
The 306-room hotel features 4,572m² of meeting space in a building that once housed the Philadelphia Stock Exchange.
The hotel property continues to be managed by Sofitel-Accor.
“We are pleased to establish a new relationship with Accor and the Sofitel brand,” said Pebblebrook Hotel Trust CEO Jon Bortz. “They have exhibited strong success in the Philadelphia market and have a great reputation of offering a unique hotel experience, blending French elegance with American style.”