Pebblebrook to Buy Stake in Six Manhattan Hotels

26th June 2011 (Last Updated June 26th, 2011 18:30)

Pebblebrook Hotel Trust has signed an agreement with Denihan Hospitality Group to invest in a joint venture that owns six luxury hotels in Manhattan, New York, US. Pebblebrook will contribute $152m in equity investment for a 49% stake while Denihan will own the remaining 51% stake.

Pebblebrook Hotel Trust has signed an agreement with Denihan Hospitality Group to invest in a joint venture that owns six luxury hotels in Manhattan, New York, US.

Pebblebrook will contribute $152m in equity investment for a 49% stake while Denihan will own the remaining 51% stake.

The six hotels are Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin.

The hotels offer a total of 1,640 rooms, which will be expanded to 1,730 following completion of a renovation at the Affinia Manhattan this year.

The properties will be leased to a joint venture lessee owned by Pebblebrook and Denihan, and will continue to be managed by Denihan.