This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hotel Vintage Plaza In Portland, OR (Photo: Business Wire)

Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has acquired the Hotel Vintage Park Seattle for $32.5 million and the Hotel Vintage Plaza Portland for $30.5 million. The 124-room, AAA four-diamond, full-service, boutique Hotel Vintage Park Seattle is located at the core of downtown Seattle’s retail and financial center and the 117-room, AAA four-diamond, full-service, boutique Hotel Vintage Plaza Portland is located in the heart of downtown Portland, Oregon. Both properties will continue to be managed by Kimpton Hotels & Restaurants (“Kimpton”).

Hotel Vintage Park in Seattle, WA (Photo: Business Wire)

Hotel Vintage Park in Seattle, WA (Photo: Business Wire)

“We’re thrilled to acquire the Hotel Vintage Park Seattle and the Hotel Vintage Plaza Portland in two major West Coast gateway cities,” said Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust. “These distinctive hotels are supported by superb downtown locations, consistently high occupancy levels and strong positive cash flows. The Hotel Vintage Park Seattle is located in the heart of the city’s major shopping, office, entertainment and dining locations, including Pike Place Market, Pioneer Square and the Washington Convention and Trade Center. The Hotel Vintage Plaza Portland is located within two blocks of Portland’s Pioneer Courthouse Square and a short walk from Pioneer Place Mall, Nordstrom, Nike Town, the Pearl district and the Portland Center for the Performing Arts. Increasing demand, coupled with minimal lodging supply growth and high barriers-to-entry, provide for excellent operating fundamentals at both hotels moving forward.”

The 124-room Hotel Vintage Park Seattle is located at the corner of 5 th Avenue and Spring Street, one block from the Company’s Hotel Monaco Seattle, in the epicenter of downtown Seattle’s retail and financial center. Downtown Seattle offers premier office, dining, convention, entertainment and shopping, all of which provide a diverse collection of corporate, convention and leisure demand. The Hotel Vintage Park Seattle is less than two blocks from The 5 th Avenue Theatre and within six blocks of Pioneer Square and Pike Place Market. Pike Place Market is one of the nation’s longest running farmers’ markets, an attraction that draws over 10 million visitors annually and is generally known as “The Soul of Seattle.” Seattle also contains over 33 million square feet of office space, with five of the city’s largest and highest quality- office buildings within five blocks of the hotel. The 726,000-square foot Washington State Trade & Convention Center, one of Seattle’s main lodging demand drivers, hosts between 40 and 50 city-wide events annually and is ideally located within five blocks of the Hotel Vintage Park.

Built in 1922, the Hotel Vintage Park Seattle was converted by Kimpton to a hotel in 1992 and features 124 unique guest rooms, with each room dedicated to an acclaimed Washington State winemaker. The property was named among the “Best 500 Hotels in the World” by Travel + Leisure magazine in 2011. Amenities at the 11-story hotel include custom cherry wood furnishings, 1,000 square feet of meeting space, in-room spa services, a fitness center, a business center, and a 66-space, on-site parking structure. The hotel also features the award-winning Tulio Ristorante, a longstanding downtown Seattle favorite, serving authentic Italian cuisine for breakfast, lunch (brunch on weekends) and dinner daily.

In 2011, the Hotel Vintage Park Seattle operated at 88% occupancy, with an average daily rate (“ADR”) of $146 and room revenue per available room (“RevPAR”) of $129, a decline of 16% from the property’s prior RevPAR peak in 2007. During the next 12 months, the Company currently forecasts that the hotel will generate earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $2.3 to $2.8 million and net operating income after capital reserves (“NOI”) of $1.9 to $2.4 million.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs