Pebblebrook Hotel Trust announced Wednesday that it completed the sale of the 306-room Sofitel Philadelphia at Rittenhouse Square in Philadelphia for $80 million to an unnamed third party, according to a news release.
The announcement comes a week after the real estate investment trust’s second-quarter earnings call, during which executives said three unnamed hotel sales totaling $183.9 million were close to being finalized. Chairman, President and CEO Jon Bortz said during the call that Pebblebrook expects to be a net seller for the rest of the year.
This is Pebblebrook’s second completed sale of the year, following its $77-million deal with Stockdale Capital Partners for The Marker San Francisco in June.
“Proceeds from the sale of Sofitel Philadelphia at Rittenhouse Square will be used for general corporate purposes and reducing the company’s outstanding debt borrowings associated with recent hotel acquisitions, in accordance with the company’s investment strategy,” the news release said.