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August 2, 2011

Pebblebrook Buys Interest in Six Manhattan Hotels

Real estate investment trust Pebblebrook Hotel Trust has acquired a 49% interest in a joint venture (JV) that owns six hotels in Manhattan, valued at $910m. The hotels include Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin.

By cms admin

Real estate investment trust Pebblebrook Hotel Trust has acquired a 49% interest in a joint venture (JV) that owns six hotels in Manhattan, valued at $910m.

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

The hotels have a total of 1,640 guest rooms, which is expected to increase to 1,730 guest rooms after the completion of renovations at the Affinia Manhattan; the properties will continue to be managed by Denihan Hospitality Group.

The remaining 51% interest in the JV will be owned by affiliates of Denihan.

Pebblebrook said the addition of the six hotels brings the total number of properties in the company’s portfolio to 20.

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