We've been watching the Pebblebrook Hotel Trust
gobble up hotels
left and right lately. The latest is the Sofitel Philadelphia Hotel
which it picked up for $87 million. The Center City hotel
is in a historic building that once housed the Philadelphia Stock Exchange and is located near the Philadelphia Convention Center. It was converted to a hotel in 2000 and has 306 elegantly appointed guestrooms, including 68 suites. The hotel includes on-site underground parking, a fitness center, a breakfast-only restaurant and the newly renovated bar/lounge Liberté, which serves cocktails, hors d'oeuvres and light dinner fare. In 2009, the Sofitel Philadelphia Hotel operated at approximately 77% occupancy, with an average daily rate of approximately $169. The hotel will continue to be managed by Sofitel.
Last month the Pebblebrook Hotel Trust bought the Sheraton Delfina Santa Monica Hote
l in Santa Monica, California for $102.8 million. Other Pebblebrook hotels include the Sir Francis Drake Hotel in San Francisco, the InterContinental Buckhead in Atlanta, the Hotel Monaco in Washington DC. Back in October we mentioned that the Pebblebrook Hotel Trust had picked up the Grand Hotel in Minneapolis for $33 million.