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Pebblebrook Sells Burbank Hotel for $72.9 Million

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REIT Sells Burbank Hotel for $72.9 Million

BURBANK — The Maryland based company that operates a number of hotels in West Hollywood has divested itself of the 132-room Hotel Amarano in Burbank, according to the San Fernando Valley Business Journal. That’s a price of about $550k per room. It was just recently acquired in November as part of a 40 property portfolio.

Pebblebrook is one of the largest hotel operators in West Hollywood, owning the Grafton, Le Parc Suites, Montrose, Mondrian and Chamberlain hotels in the city. The company also owns Hotel Palomar and the W hotel in Westwood, and the Viceroy and Le Meridian Delfina in Santa Monica.

The report at the SFV Business Journal marvels at the selling price compared to a reported acquisition as part of a portfolio, reportedly for approximately $500k. But there must be more to the story, and perhaps some debt assumed. The assessed value is currently about $38 million.

READ  Pebblebrook Hotel Trust Raised to 'Hold' by Zacks

Read the full story at the San Fernando Valley Business Journal

Author: Staff

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