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Sign in Sign up for a FREE subscriptionPebblebrook Hotel Trust sells Sir Francis Drake Hotel for $157m
Pebblebrook Hotel Trust has sold the 416-room Kimpton Sir Francis Drake Hotel in San Francisco to an unnamed third party for $157.6 million.
The company purchased Sir Francis Drake Hotel for $90 million in 2010 as its second hotel. Proceeds from the sale of Sir Francis Drake Hotel will be utilized for general business purposes, which may include reducing the company’s outstanding debt.
The company has recently reopened operations at the following five urban hotels:
Argonaut Hotel San Francisco Harbor Court Hotel San Francisco Hotel Monaco Washington, D.C. Hotel Zelos San Francisco Revere Hotel Boston CommonWith these recent hotel reopenings, the company has now reopened 44 of the 52 hotels and resorts in its portfolio.
