Pebblebrook Hotel Trust to use sale proceeds for debt paydown

By Mary Katherine Stinson

Lexington, Ky., Dec. 22 – Pebblebrook Hotel Trust said it will use the proceeds from the sale of its Marina City retail space and two parking facilities in downtown Chicago for general corporate purposes, which may include reducing the company’s outstanding debt and stock repurchases, according to a press release.

The sale, which totaled $30 million, closed on Dec. 21.

Pebblebrook successfully executed seven property sales totaling $330.8 million in 2023. These sales cumulatively represent an approximate 20.6x EBITDA multiple and a 4.1% net operating income capitalization rate.

Pebblebrook is a Bethesda, Md.-based real estate investment trust.

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