94 Room The Roger New York Hotel in New York Sold for $19.0 Million



Pebblebrook Hotel Trust (NYSE: PEB) announced that on June 10, 2021, it closed on the sale of its leasehold interest in the 194-room The Roger New York in New York, NY for $19.0 million to a third party. The Roger New York is subject to a ground lease with approximately 23 years remaining on its term.



Pebblebrook Hotel Trust;

Pebblebrook Hotel Trust (NYSE: PEB) announced that on June 10, 2021, it closed on the sale of its leasehold interest in the 194-room The Roger New York in New York, NY for $19.0 million to a third party. The Roger New York is subject to a ground lease with approximately 23 years remaining on its term.

Proceeds from the sale of The Roger New York will be utilized for general business purposes, which may include reducing the Company’s outstanding debt and/or acquiring and investing in hotel properties in accordance with the Company’s investment strategy.

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 51 hotels, totaling approximately 12,600 guest rooms across 13 urban and resort markets with a focus on the west coast gateway cities.

Pebblebrook Hotel Trust
Historical Operating Data
($ in millions, except ADR and RevPAR)
(Unaudited)
                       
                       
Historical Operating Data:                      
     

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

     

2019

2019

2019

2019

2019

                       
Occupancy    

75%

 

87%

 

87%

 

79%

 

82%

ADR    

$250

 

$269

 

$264

 

$246

 

$258

RevPAR    

$188

 

$233

 

$230

 

$193

 

$211

                       
Hotel Revenues    

$313.9

 

$389.2

 

$382.3

 

$337.4

 

$1,422.8

Hotel EBITDA    

$85.0

 

$142.6

 

$133.0

 

$97.9

 

$458.6

Hotel EBITDA Margin    

27.1%

 

36.6%

 

34.8%

 

29.0%

 

32.2%

                       
     

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

     

2020

2020

2020

2020

2020

                       
Occupancy    

56%

 

3%

 

20%

 

21%

 

25%

ADR    

$248

 

$264

 

$216

 

$195

 

$231

RevPAR    

$139

 

$9

 

$44

 

$41

 

$58

                       
Hotel Revenues    

$240.1

 

$22.0

 

$76.9

 

$74.0

 

$413.1

Hotel EBITDA    

$37.4

 

($38.7)

 

($16.9)

 

($17.5)

 

($35.6)

Hotel EBITDA Margin    

15.6%

 

(175.9%)

 

(22.0%)

 

(23.6%)

 

(8.6%)

                       
     

First Quarter

               
     

2021

               
                       
Occupancy    

20%

               
ADR    

$239

               
RevPAR    

$47

               
                       
Hotel Revenues    

$83.5

               
Hotel EBITDA    

($14.2)

               
Hotel EBITDA Margin    

(17.0%)

               
                       
These historical hotel operating results include information for all of the hotels the Company owned as of June 10, 2021, following the sale of The Roger New York. These historical operating results include periods prior to the Company’s ownership of the hotels. The information above does not reflect the Company’s corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding.

Logos, product and company names mentioned are the property of their respective owners.

© 2021 Hotel News Resource



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