Pebblebrook Hotel Trust sold the 82-room Hotel Madera in Washington, DC, for $23.3m. The name of the third-party buyer was not disclosed. The sale price reflects a 14.3x EBITDA multiple and a 5.7-percent net operating income capitalization rate based on the hotel’s operating performance for 2018. Pebblebrook has completed a total of $449m of asset sales towards its goal of $600m. Proceeds will be used to reduce the company’s outstanding debt.
