Pebblebrook Hotel Trust pays $270m for hotel in Florida
Pebblebrook Hotel Trust has acquired the 369-room Margaritaville Hollywood Beach Resort in Hollywood, Fla., for $270 million. The acquisition is anticipated to be funded from existing cash on hand and is targeted to be completed by the end of the third quarter of 2021.
As part of the acquisition, the company may assume up to $161.5 million of secured, nonrecourse debt currently in place. The purchase is subject to normal closing conditions, and the company offers no assurances that this acquisition will be completed on these terms or at all.