Pebblebrook Hotel Trust has closed on the sale of 909 North Michigan Avenue, a 5,860 square-foot, three-tenant, fully occupied retail parcel adjacent to the company’s Westin Michigan Avenue Chicago for $27.3 million to a third party.
Based on the retail parcel’s net operating income for the year ended Dec. 31, the sales price reflected an approximately 7.7 percent cap rate. Proceeds from the sale will be used for general corporate purposes, which may include reducing the company’s outstanding debt and repurchasing common and preferred shares.
