Pebblebrook Hotel Trust sells San Francisco hotel for $71m
Pebblebrook Hotel Trust has sold the 236-room Hotel Spero in San Francisco for $71 million
The buyer was not disclosed, but the San Francisco Business Times reported it to be Memphis-based real estate management firm Fairwood Capital.
The eco-friendly, 99-year-old restored hotel is a five-minute walk from shopping at Union Square. It features a 24-hour gym, on-site dining and air-conditioned rooms.
Proceeds from the sale of Hotel Spero will be used for general corporate purposes and reducing the company’s outstanding debt borrowings associated with recent hotel acquisitions, in accordance with the company’s investment strategy.
Pebblebrook acquired Hotel Spero with its 2018 purchase of LaSalle Hotel Properties for $5.2 billion.