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US: Pebblebrook Hotel Trust has acquired the Hotel Vintage Park Seattle and the Hotel Vintage Plaza Portland, and will retain Kimpton to operate them.
It paid US$32.5 million and $30.5 million respectively for the two properties which will continue to be managed by Kimpton Hotels & Restaurants.
Jon Bortz, chairman and chief executive officer of Pebblebrook Hotel Trust said: “We’re thrilled to acquire the Hotel Vintage Park Seattle and the Hotel Vintage Plaza Portland in two major West Coast gateway cities. 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.”
Kimpton has managed the Hotel Vintage Park Seattle since 1991 and the Hotel Vintage Plaza Portland since 1989. “We are delighted to be furthering our relationship with Pebblebrook Hotel Trust,” said Kimpton’s President, Mike Depatie. “We are pleased that our successful relationship continues to grow, and we look forward to further collaborative successes going forward.”
Pebblebrook now has a portfolio of 23 hotels, comprising $1.8 billion of invested capital since the company completed its initial public offering in December 2009.
www.pebblebrookhotels.com
www.KimptonHotels.com
