EOS Investors LLC executed a contract to acquire KMS Fishermans Wharf LP from Pebblebrook Hotel Trust (NYSE:PEB) for $68.5 million on September 30, 2023. Consideration to be paid is about $310,000 per key. For the trailing twelve months ended September 30, 2023, the hotel?s net loss is estimated at ($1.2) million, its net operating income is estimated at $2.2 million, and its earnings before interest, taxes, depreciation and amortization (?EBITDA?) is estimated at $2.7 million. The $68.5 million sales price reflects a 25.0x EBITDA multiple and a 3.2% net operating income capitalization rate (assuming a capital reserve of 4.0% of total hotel revenues). The property sale is subject to normal closing conditions. The sale is targeted to be completed in the fourth quarter of 2023. Proceeds from the sale of Hotel Zoe Fisherman?s Wharf will be used for general corporate purposes, including reducing the Company?s outstanding debt and repurchasing the Company?s common and preferred shares.

EOS Investors LLC completed the acquisition of KMS Fishermans Wharf LP from Pebblebrook Hotel Trust (NYSE:PEB) on November 14, 2023.