pebblebrook hotel trust

San Francisco's Argonaut Hotel Sold For $84 Million

The Pebblebrook Hotel Trust, which has been buying up hotels around the country, has added another to its San Francisco portfolio that includes the Sir Francis Drake hotel. The Pebblebrook Hotel Trust has announced that it has acquired the Argonaut Hotel for $84 million. The 252-room, boutique-style hotel is located in the Fisherman's Wharf area and will continue to be managed by Kimpton Hotels & Restaurants. The transaction includes the assumption of a $42 million secured loan with the balance provided in cash.

"We are pleased to acquire such a distinctive hotel in one of the most dynamic areas of San Francisco," said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. The hotel was originally constructed in 1907 as the Haslett Warehouse and was converted to a hotel in 2003. The nautically-themed property also features the Blue Mermaid Chowder House and the San Francisco Maritime National Historical Park Visitors Center, along with several retail outlets including Starbucks, Ben & Jerry's Ice Cream, a bike rental outfit and a wine tasting store.

Tags: argonaut hotel, kimpton hotels and restaurants, pebblebrook hotel trust, san francisco, san francisco hotels

Continue reading “San Francisco's Argonaut Hotel Sold For $84 Million”

Sofitel Philadelphia Hotel Sold To Pebblebrook Hotel Trust

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels, Real Estate Developments

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 Hotel 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.

Tags: hotel for sale, hotels, pebblebrook hotel trust, philadelphia, sofitel