Based on the hotel’s operating performance for 2019 , the contracted sales price reflects a 15.2x EBITDA multiple and a 5.7% net operating income capitalization rate.For both properties combined, the contracted sale price reflects a 14.2x EBITDA multiple and a 6.1% net operating income capitalization rate based on the hotels’ operating performance for 2018.
The Company’s portfolio is currently in superb condition. The Company estimates that its monthly cash use for May and June averaged approximately $22.5 million (excluding capital investments) based on the following:
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"Demand for hotels and travel in general clearly bottomed in mid-April. The Company’s amended credit agreements and related documents waive existing financial covenants through the end of the first quarter of 2021 and provide substantially less restrictive covenants until the third quarter of 2022. EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. From the moment you arrive at Sofitel Washington DC Lafayette Square, you’ll experience a one-of-a-kind stay. Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 422-room InterContinental Buckhead Atlanta in Atlanta, Georgia and the 237-room Sofitel Washington DC Lafayette Square in Washington, D.C. for $331.0 million to a third party on March 6, 2020. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: Of the Company's outstanding debt, $2.0 billion was in the form of unsecured term loans, and $390.0 million was outstanding on its $650.0 million senior unsecured revolving credit facility. Over the last 5 years, 40 of the Company’s 53 hotels and resorts have completed transformational redevelopments or comprehensive renovations. After waiting 10 minutes for the...I am writing to tell you how disappointed I was in the lack of service from this hotel.
It intends to issue new guidance when it has more clarity on government restrictions, advances in health solutions, the economy, travel demand and more predictable overall operating fundamentals and trends. Take in a stunning array of Art Deco style in our historic building when you check-in, then settle into your refined room with elegant accents and timeless décor. Sofitel Washington DC Lafayette Square is the perfect space to host the timeless event you’re imagining. See 3,751 traveler reviews, 1,091 candid photos, and great deals for Sofitel Washington DC, ranked #42 of 154 hotels in Washington DC and rated 4.5 of 5 at Tripadvisor. So why not stay a little...AAA members get a special discount at our downtown Washington, D.C. hotel.
The information above has not been audited and is presented only for comparison purposes. Walking into...
Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. — March 9, 2020 — Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 422-room InterContinental Buckhead Atlanta in Atlanta, Georgia and the 237-room Sofitel Washington DC Lafayette Square in Washington, D.C. for $331.0 million to a third party on March 6, 2020.
These comprehensive redevelopments will allow these properties to achieve much better performance as they ramp up over the next few years." Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.
Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330 On June 15, 2020, the Company declared a quarterly cash dividend of $0.01 per share on its common shares as well as a regular quarterly cash dividend for the following preferred shares of beneficial interest: Sofitel Washington DC Lafayette Square offers exclusive luxury accommodations in the nations capital. With French tradition and modern flair, we care for each individual guest at every individual moment. The Washington D.C. hotel accommodations occupy an updated historic landmark, first erected in 1880. - Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate (""EBITDAre"") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with the National Association of Real Estate Investment Trusts (""Nareit"") guidelines, as defined in its September 2017 white paper ""Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate."" The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. The Company owns 54 hotels, totaling approximately 13,400 guest rooms across 15 urban and resort markets with a focus on the west coast gateway cities. Delight your guests with striking décor and exceptional cuisine Based on the hotels’ operating performance for 2019, the contracted sales price reflects a 13.7x EBITDA multiple and a 6.4% net operating income capitalization rate.
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