Pebblebrook Hotel Trust Executes Agreement to Acquire the Mondrian Los Angeles (United States)
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Pebblebrook Hotel Trust Executes Agreement to Acquire the Mondrian Los Angeles (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-04-26
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has entered into an agreement to acquire the Mondrian Los Angeles for $137.0 million from Mondrian Holdings LLC. The 237-room luxury, full-service hotel is located in Los Angeles, California. The Company expects to fund the purchase price with available cash. The closing is expected to occur during the second quarter; however, because the acquisition is subject to customary closing requirements and conditions, the Company can give no assurance that the transaction will be consummated during this time period, or at all.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in large urban and resort markets with an emphasis on the major coastal cities. The company owns 11 hotels, totaling 3,191 guest rooms in six states and the District of Columbia, including 10 markets: Bethesda, Maryland; San Francisco, California; Buckhead, Georgia; Washington, DC; Minneapolis, Minnesota; Stevenson, Washington; Santa Monica, California; Philadelphia, Pennsylvania; San Diego, California; and Seattle, Washington.
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