Pebblebrook Hotel Trust sold the 306-room Sofitel Philadelphia at Rittenhouse Square to an undisclosed buyer for $80 million, essentially departing that market.
The sale breaks down to $261,437 per room.
The Bethesda real estate investment trust bought the hotel in 2010 for $87 million, or $284,314. The 14-story property, located at 120 S. 17th St., opened in 2000.
Paris-based Accor spent $80 million converting the former Philadelphia Stock Exchange Building into the luxury Sofitel. Accor still manages the property.
Accor and Pebblebrook (NYSE: PEB) could not be reached for comment. Officials at the Sofitel Philadelphia could not be reached.
The hotel has seemingly suffered from a lack of tourism and business travel since the pandemic hit. In the 2019 calendar year, for example, the Rittenhouse hotel brought in net income of $4.7 million, according to Pebblebrook financial statements. In the 12 months ending June 30, the hotel posted net income of $500,000, federal filings show.…Read the full story from the Washington Business Journal.