Friday, November 04, 2016
DoubleTree Bethesda hotel sold
“We are pleased with the sale of the DoubleTree Bethesda,” Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust said in a statement this morning. “This marks the third hotel sold under our strategic disposition plan that we initiated earlier this year. Following the sale of the DoubleTree Bethesda and the execution of our Manhattan asset exchange agreement, our strategic disposition plan has generated almost $250 million in gross proceeds. These property sales allow us to take advantage of the value differential seen across our portfolio between the public and private markets. We continue to remain confident in the buyer interest shown by a wide variety of both domestic and international hotel investors, particularly for high-quality, unencumbered hotels.”
The company says it will use the sale proceeds to reduce outstanding debt.