Pebblebrook sells Topaz Hotel for $33m
Pebblebrook Hotel Trust has closed on the $33.1m disposition of Topaz Hotel in Washington, DC. The 99-room property changed hands for just over $334,340 per room key. Based on the trailing 12-month period that ended Sept. 30, the contracted sales price reflects a 17.9x EBITDA multiple and a 4.9-percent net operating income capitalization rate. Pebblebrook has completed a total of $482.1m of asset sales this year. Its goal is $600m. The company will use proceeds from the sale for general business purposes, including reducing its outstanding debt.