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Pebblebrook Hotel Trust Sells 909 North Michigan Avenue Retail Parcel Adjacent to The Westin Michigan Avenue Chicago for $27.3 Million

Westin Michigan Avenue Chicago - Exterior

Westin Michigan Avenue Chicago

Pebblebrook Hotel Trust (NYSE: PEB) today announced that it closed on the sale of 909 North Michigan Avenue, a 5,860 square-foot 3-tenant fully occupied high-street retail parcel, adjacent to the Company’s Westin Michigan Avenue Chicago for $27.3 million to a third party.

Based on the retail parcel’s net operating income for the year ended December 31, 2022, the sales price reflected an approximately 7.7% cap rate. Proceeds from the sale will be used for general corporate purposes, which may include reducing the Company’s outstanding debt and repurchasing the Company’s common and preferred shares.

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 50 hotels and resorts, totaling approximately 12,600 guest rooms across 15 urban and resort markets.

Posted by on March 20, 2023.

Categories: Development

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