Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has acquired the award-winning Redbury Hotel for $34.0 million. The 57-room, all-suite, luxury, full-service hotel is located in the center of Hollywood, California. The property will continue to be managed by sbe Hotel Group (“sbe”).
The Redbury Hotel (Photo: sbe)
“We’re thrilled with the acquisition of the Redbury in the dynamic, high-barrier-to-entry Hollywood neighborhood,” said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “The hotel is ideally located at the corner of Hollywood Boulevard and Vine Street in the center of Hollywood and overlooks historic locations such as The Pantages Theater and the Capitol Records Tower. The property’s location provides convenient access to all of the tourist attractions, restaurants, nightlife and entertainment industry activity that the Hollywood and West Hollywood areas have to offer. The Redbury complements our hotels in West Hollywood (Mondrian Hotel), Westwood (W Los Angeles - Westwood) and Santa Monica (Sheraton Delfina, soon to be rebranded Le Méridien Delfina). Los Angeles attracts over 25 million total visitors annually and is the second-most visited city by overseas visitors. The steady demand growth of the market, along with a historically constrained supply environment, provides excellent operating fundamentals for the market and the hotel.” Designed by Creative Director and renowned photographer Matthew Rolston, in collaboration with sbe Founder and CEO Sam Nazarian, The Redbury Hotel is situated at the iconic convergence of Hollywood and Vine, and is just steps away from the center of the Hollywood Walk of Fame. In addition to being just a block away from the Hollywood / Vine Metro Red Line, the hotel is well-located for access to the greater Los Angeles area’s attractions, including the Hollywood Bowl, Beverly Hills, Century City, UCLA, the Getty Center, Downtown Los Angeles, Santa Monica and Los Angeles International Airport.