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.