Wednesday, January 5, 2011

Pebblebrook Picks Up 306-Room Luxury Hotel

"Gem Realty Capital Inc. and Whitehall Street Real Estate LP I, an entity of Goldman Sachs, sold the Sofitel Philadelphia to Pebblebrook Hotel Trust for $87 million, or nearly $284,314 per door.

Sofitel Philadelphia is a 14-story property at 120 S. 17th St. in the Market Street West area of Philadelphia that was built in 1965 and renovated in 2000. The hotel contains a bar, business center, fitness center, restaurant and other amenities.

The buyer assumed the $56.1 million loan that was included in the $87 million sales price."

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