Pebblebrook Hotel Trust has executed a contract to sell the 221-room Hotel Zoe Fisherman’s Wharf in San Francisco for $68.5 million to a third party. The property sale is subject to normal closing conditions.
For the trailing 12 months ended September 30, 2023, the hotel’s net loss is estimated at $1.2 million; its net operating income is estimated at $2.2 million; and its earnings before interest, taxes, depreciation and amortization (EBITDA) are estimated at $2.7 million. The $68.5 million sales price reflects a 25.0x EBITDA multiple and a 3.2 percent net operating income capitalization rate (assuming a capital reserve of 4.0 percent of total hotel revenues).