Pebblebrook Buys Downtown Embassy Suites for $112.5MThursday, January 31, 2013
Maryland-based Pebblebrook Hotel Trust has acquired the 337-room Embassy Suites San Diego Bay in downtown San Diego for $112.5 million.
A company statement said Pebblebrook has hired HEI Hotels and Resorts to manage the property at 601 Pacific Highway. Pebblebrook is assuming a $66.8 million secured, non-recourse loan for the purchase, with the balance to be funded with available cash.
The property was built in 1988, underwent a full renovation in 2006, and completed a $3.5 million renovation of guest suites in 2012. The hotel includes 5,000 square feet of meeting space, a 12-story atrium and PFC Bar & Grill.
According to CoStar Group, the property last sold for $118 million in 2006.
Pebblebrook Hotel Trust, with headquarters in Bethesda, is a publicly traded real estate investment trust that owns 26 hotels, including the recently renovated Westin Gaslamp Quarter.
— SDBJ Staff Report