Pebblebrook Plans Hotel Spending Spree

13th April 2011 (Last Updated April 13th, 2011 18:30)

Maryland-based lodging investment company Pebblebrook Hotel Trust bought three hotels within the last month and plans to acquire $600m of properties by the end of 2011. The planned spend does not include the $250m of hotels the trust already acquired this year. The recent pu

Maryland-based lodging investment company Pebblebrook Hotel Trust bought three hotels within the last month and plans to acquire $600m of properties by the end of 2011.

The planned spend does not include the $250m of hotels the trust already acquired this year.

The recent purchases include the $51.2m Hotel Monaco in Seattle, the $110m Westin Gaslamp Quarter in San Diego and the $89.5m W Hotel in Boston.

Pebblebrook raised $226.3m, excluding costs, in a share sale on 1 April 2011 and raised $402.5m in a December 2009 initial public offering, which sought to raise money before owning any assets, according to businessweek.com.