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306-key hotel fetches $87 million
Pebblebrook Hotel Trust has acquired the 306-key Sofitel Philadelphia Hotel for $87 million. The upper-upscale, full-service hotel—housed in a historic building that was once home to the Philadelphia Stock Exchange—will continue to be managed by Sofitel, a unit of Accor SA.
“The hotel is well-located in the center of Philadelphia's financial district and within close proximity to many of the city's historic landmarks,” said Jon Bortz, Pebblebrook's chairman, president and ceo. “In addition, it is just steps away from the Philadelphia Convention Center, which is completing an expansion that will double its size. These demand drivers combine to provide the hotel with a diversified mix of corporate, convention and leisure travelers, which we expect will continue to strengthen in-line with the economic and lodging recovery which is underway in Philadelphia.”
The Sofitel Philadelphia Hotel is the eighth acquisition by Pebblebrook since its initial public offering in December 2009. Pebblebrook is a real estate investment trust (REIT) focusing on upper-upscale, full-service hotels located in large urban and resort markets.
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