Pebblebrook Acquires Sofitel Philadelphia Hotel

7th December 2010 (Last Updated December 7th, 2010 18:30)

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

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.”