Pebblebrook Hotel Trust has closed on the sale of a mixed use parking garage in a deal valued at $95 million. The facility is located at the Revere Hotel Boston Common and includes 826 parking spaces along with 10,500 square feet of vacant ground floor space. Proceeds from the sale of the parking garage will be utilized for general business purposes, which may include further reducing the Company’s outstanding debt or repurchasing the Company’s common shares. The sale of the mixed use facility was finalized on June 23, 2017.
Jon E. Bortz, CEO of Pebblebrook Hotel Trust said the sale “generates significant value for our shareholders at a very favorable price and overall capitalization rate. To date, we have sold five hotels and two non-hotel assets under our strategic disposition plan that we initiated early last year, which has generated $676.8 million in gross proceeds. These property sales continue to allow us to take advantage of the value differential between the higher private market prices and values and the lower public market valuation of our company.”
