Pebblebrook Hotel Trust to Acquire Margaritaville Hollywood Beach Resort in Hollywood, FL for $270 Million
Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today provided an update on recent operating trends, which continue to improve each week. The Company expects to achieve positive Adjusted EBITDAre in the second quarter of 2021 and positive Adjusted Funds from Operations ("FFO") in the third quarter of 2021.
Please visit https://investor.pebblebrookhotels.com/investor-presentations-1/ to view the updated presentation the Company issued on its website with additional details on the current operating trends.
The Company also announced that it executed a contract to acquire the 369-room Margaritaville Hollywood Beach Resort in Hollywood, Florida for $270.0 million. The acquisition is anticipated to be funded from existing cash on hand and is targeted to be completed by the end of the third quarter of 2021. As part of the acquisition, the Company may assume up to $161.5 million of secured, non-recourse debt currently in place. The purchase is subject to normal closing conditions, and the Company offers no assurances that this acquisition will be completed on these terms or at all.
The Company also announced that it intends to market for sale the 189-room Villa Florence San Francisco on Union Square in San Francisco, California. However, the Company offers no assurances that a sale will be completed.