Pebblebrook Hotel Trust has sold The Liaison Capitol Hill hotel for $111 million.
New York-based REIT Bldg Management Co. Inc. purchased the 343-room hotel at 415 New Jersey Ave. NW last Thursday. The Liaison became part of Pebblebrook’s portfolio after its $5.2 billion acquisition of fellow Bethesda hospitality REIT LaSalle Hotel Properties.
Pebblebrook (NYSE: PEB) says it may use the proceeds of the sale to reduce the company’s outstanding debt. Three Kimpton-managed hotels Pebblebrook owns near Dupont Circle — the 82-room Hotel Madera, the 99-room Topaz Hotel and the 137-room Rouge Hotel — are on the market.
Pebblebrook prefers to keep its portfolio more West Coast-heavy, CEO Jon Bortz said in an interview with the WBJ in December. The sale of the Liaison reduces Pebblebrook’s exposure to the District to less than 9 percent of its earnings before interest, taxes, depreciation and amortization.Read the full story from the Washington Business Journal.