The Herald of Everett, Washington
Customer service  |  Subscribe   |   Log in or sign up   |   Advertising information   |   Contact us

The top local business stories in your email

Contact Us:

Josh O'Connor
Phone: 425-339-3007

Maureen Bozlinski
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049

Jim Davis
Phone: 425-339-3097

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Pebblebrook Trust acquires Hotel Milano for $30M

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
Associated Press
BETHESDA, Md. -- Pebblebrook Hotel Trust announced Monday that it has acquired the Hotel Milano in downtown San Francisco for $30 million.
The real estate investment trust said it will invest $8 million to $10 million over the next year to remodel the 108-room hotel. It is also bringing in the Viceroy Hotel Group to manage the hotel. Viceroy manages two of Pebblebrook's other hotels: the Sheraton Delfina Santa Monica and the Viceroy Miami.
Pebblebrook is betting the San Francisco market will be a top market for its portfolio. San Francisco hotels delivered the strongest gains in revenue per available room than any other major market in the U.S. in 2011, according to Pebblebrook. This is a key industry measure of hotel financial performance.
The company, based in Bethesda, Md., now has 21 hotels across the country with the addition of Hotel Milano.
Pebblebrook's shares fell 65 cents, nearly 3 percent, to $22.10 in afternoon trading. Its shares have traded in a 52-week range of $14 to $23.75.



Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus

Market roundup