Pebblebrook Hotel Trust Executes Contract to Sell Hotel Zoe Fisherman’s Wharf
Posted on 10/21/2023
Revealed on October 16, 2023, Pebblebrook Hotel Trust (NYSE: PEB) announced that it executed a contract to sell the 221-room Hotel Zoe Fisherman’s Wharf in San Francisco, California for US$ 68.5 million to a third party. The property sale is subject to normal closing conditions. Pebblebrook Hotel Trust offers no assurances that the sale will be completed on these terms or at all. The sale is targeted to be completed later in the fourth quarter of 2023. Pebblebrook Hotel Trust is a publicly traded real estate investment trust.
For the trailing twelve months ended September 30, 2023, the hotel’s net loss is estimated at -US$ 1.2 million, its net operating income is estimated at US$ 2.2 million, and its earnings before interest, taxes, depreciation and amortization (EBITDA) is estimated at US$ 2.7 million. Proceeds from the sale of Hotel Zoe Fisherman’s Wharf will be used for general corporate purposes, including reducing the REIT’s outstanding debt and repurchasing the Company’s common and preferred shares.
The hotel, at 425 North Point Street, is a block from the Taylor Street cable-car turnaround. It is a short distance to Pier 39 and Ghirardelli Square.
