117 Room Hotel Vintage Portland, Oregon Sold for $32.9 Million

Hotel Vintage Portland - Exterior
  Hotel Vintage Portland

Pebblebrook Hotel Trust (NYSE: PEB) today announced that on September 14, 2022, it closed on the sale of the 117-room Hotel Vintage Portland in Portland, OR for $32.9 million to a third party.

For the trailing twelve months ended June 30, 2022, the hotel’s net operating loss was ($0.1) million, and its Hotel EBITDA was $0.1 million. Based on the hotel’s operating performance for 2019, the $32.9 million sales price reflects an 11.7x EBITDA multiple and a 7.1% net operating income capitalization rate. The net operating income (loss) for both periods mentioned above is after an assumed annual capital reserve of 4.0% of total hotel revenues.

Proceeds from the sale of Hotel Vintage Portland will be used for general corporate purposes, which may include reducing the Company’s outstanding debt borrowings associated with recent hotel acquisitions, in accordance with the Company’s investment strategy.

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 51 hotels and resorts, totaling approximately 12,800 guest rooms across 15 urban and resort markets.

Pebblebrook Hotel Trust
Hotel Vintage Portland
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income
June 2022 Trailing Twelve Months
(Unaudited, in millions)
     
   

Twelve Months Ended

June 30,

   

2022

     
Hotel net income  

($1.7)

     
Adjustment:    
Depreciation and amortization  

1.8

     
Hotel EBITDA  

$0.1

     
Adjustment:    
Capital reserve  

(0.2)

     
Hotel Net Operating Income  

($0.1)

     
Pebblebrook Hotel Trust
Hotel Vintage Portland
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income
December 2019 Trailing Twelve Months
(Unaudited, in millions)
   
  Twelve months ended

December 31,

 

2019

   
Hotel net income

$0.7

   
Adjustment:  
Depreciation and amortization

2.1

   
Hotel EBITDA

$2.8

   
Adjustment:  
Capital reserve

(0.5)

   
Hotel Net Operating Income

$2.3

   
Pebblebrook Hotel Trust
Historical Operating Data
($ in millions, except ADR and RevPAR)
(Unaudited)
                     
Historical Operating Data:                    
   

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

 

Full Year

   

2019

 

2019

 

2019

 

2019

 

2019

                     
Occupancy  

75%

 

86%

 

86%

 

77%

 

81%

ADR  

$253

 

$272

 

$269

 

$248

 

$261

RevPAR  

$189

 

$234

 

$231

 

$191

 

$211

                     
Hotel Revenues  

$332.0

 

$409.5

 

$402.8

 

$350.0

 

$1,494.3

Hotel EBITDA  

$89.2

 

$145.1

 

$136.6

 

$95.2

 

$466.2

Hotel EBITDA Margin  

26.9%

 

35.4%

 

33.9%

 

27.2%

 

31.2%

                     
   

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2021

2021

2021

2021

2021

                     
Occupancy  

22%

 

43%

 

54%

 

52%

 

43%

ADR  

$266

 

$265

 

$291

 

$265

 

$273

RevPAR  

$60

 

$113

 

$157

 

$139

 

$117

                     
Hotel Revenues  

$109.7

 

$205.4

 

$280.1

 

$257.3

 

$852.4

Hotel EBITDA  

($3.4)

 

$46.4

 

$84.1

 

$58.2

 

$185.4

Hotel EBITDA Margin  

(3.1%)

 

22.6%

 

30.0%

 

22.6%

 

21.7%

                     
   

First Quarter

Second Quarter

2022

2022

           
                     
Occupancy  

49%

 

69%

           
ADR  

$311

 

$324

           
RevPAR  

$151

 

$223

           
                     
Hotel Revenues  

$264.0

 

$396.9

           
Hotel EBITDA  

$61.5

 

$138.7

           
Hotel EBITDA Margin  

23.3%

 

34.9%