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July 9, 2012

Pebblebrook acquires Hotel Vintage Park Seattle and Hotel Vintage Plaza Portland in US

Real estate investment trust (REIT) Pebblebrook has announced its acquisition of the Hotel Vintage Park Seattle for $32.5m and the Hotel Vintage Plaza Portland for $30.5m.

By Srivani Venna

Hotel Vintage Park in Seattle

Real estate investment trust (REIT) Pebblebrook has announced its acquisition of the Hotel Vintage Park Seattle for $32.5m and the Hotel Vintage Plaza Portland for $30.5m.

Both the 124-room Hotel Vintage Park Seattle and the 117-room Hotel Vintage Plaza Portland hotels in the US will continue to be managed by Kimpton Hotels & Restaurants.

The 11-storey Hotel Vintage Park Seattle, built in 1922, was converted by Kimpton to a hotel in 1992, and features amenities including 1,000ft² of meeting space, in-room spa services, a fitness centre, a business centre, and a 66-space, on-site parking structure.

According to the US-based REIT, the Hotel Vintage Park Seattle, which operated at 88% occupancy in 2011, is expected to generate earnings before interest, taxes, depreciation and amortisation (EBITDA) of $2.3m to $2.8m during the next 12 months.

The Hotel Vintage Plaza Portland, located in the downtown Portland business district at the corner of Broadway and Washington, was built in 1894 and fully renovated in 2008.

The property offers 4,800ft² of meeting space in eight meeting rooms, the Pazzo Ristorante, a cornerstone restaurant, a business centre, a fitness centre, in-room spa services and valet parking.

In 2011, the Hotel Vintage Plaza Portland operated at 87% occupancy and is expected to generate EBITDA of $2.1m to $2.6m over the coming year.

Kimpton also manages five of Pebblebrook’s other hotels including the 189-room Hotel Monaco Seattle, the 416-room Sir Francis Drake Hotel and the 252-room Argonaut Hotel in San Francisco, the 183-room Hotel Monaco Washington DC and the 140-room Grand Hotel Minneapolis.

Pebblebrook expects to incur about $0.4m of costs related to the acquisition of both hotels, which will bring the total number of properties in its portfolio to 23.


Image: The 124-room Hotel Vintage Park Seattle operated at 88% occupancy in 2011. Photo: Business Wire / Pebblebrook Hotel Trust

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