Pebblebrook Hotel Trust bought two hotels in the U.S. Pacific Northwest from Kimpton Hotel & Restaurant Group for US$63 million on Monday.
Pebblebrook Hotel Trust, Bethesda, Maryland, paid US$32.5 million for the 124-room Hotel Vintage Plaza located in Seattle and US$30.5 million for the 117-room Hotel Vintage Plaza located in Portland, Oregon. Both properties will continue to be managed by Kimpton Hotel & Restaurant Group, San Francisco, which has managed the Seattle hotel since 1991 and the Portland hotel since 1989.
In 2011, the Hotel Vintage Park in Seattle operated at 88% occupancy, with an ADR of US$146 and RevPAR of US$129, a decline of 16% from the property’s prior RevPAR peak in 2007. During the next 12 months, Pebblebrook currently forecasts that the hotel will generate EBITDA of US$2.3 million to US$2.8 million and NOI of US$1.9 million to US$2.4 million. In 2011, the Hotel Vintage Plaza in Portland operated at 87% occupancy, with an ADR of US$145 and RevPAR of US$126. During the next 12 months, Pebblebrook forecasts that the hotel will generate EBITDA of US$2.1 million to US$2.6 million and NOI of US$1.6 to US$2.1 million.
