Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has acquired the Hotel Milano for $30.0 million. The 108-room, full-service hotel is located in the South of Market (“SoMa”) and Convention Center submarket of downtown San Francisco, California. The property will be managed by Viceroy Hotel Group (“Viceroy”).
Hotel Milano Exterior, San Francisco, California (Photo: Business Wire)
“We are extremely excited to acquire the Hotel Milano in the highly desirable and resurgent San Francisco market,” said Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust. “The hotel is ideally located in the South of Market/Convention Center downtown submarket, adjacent to the Westfield San Francisco Shopping Centre and just blocks away from the Moscone Convention Center, Union Square, the Financial District and the world famous Powell & Market cable car turntable. San Francisco was one of the strongest hotel markets in the country during 2011, and we expect the robust economic and lodging recovery to continue in San Francisco in 2012 and beyond.” The 108-room Hotel Milano is conveniently located in downtown San Francisco’s South of Market and Convention Center submarket, home of the Moscone Convention Center, Yerba Buena Gardens, several of the city’s most prominent arts organizations, including the San Francisco Museum of Modern Art, the Center for the Arts at Yerba Gardens and the California Historical Society, one of the largest collections of art galleries in the United States. The hotel is adjacent to the 1.5 million square foot Westfield San Francisco Shopping Centre, an iconic shopping destination that is home to Bloomingdale’s west coast flagship store, the second largest Nordstrom in the United States, 170 world-class boutique shops and exceptional dining venues. In addition to the strong base of permanent demand generators, San Francisco will host the 34th America’s Cup, a world renowned sailing event that is projected to draw over 2.5 million spectators to the Bay Area in 2012 and 2013.