EOS Investors LLC completed the acquisition of KMS Fishermans Wharf LP from Pebblebrook Hotel Trust.
November 13, 2023
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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.
Pebblebrook Hotel Trust is a real estate investment trust (REIT) and the owner of urban and resort lifestyle hotels in the United States. The Company owns 46 hotels and resorts, totaling approximately 11,924 guest rooms across 13 urban and resort markets. Its hotel properties include 1 Hotel San Francisco, Argonaut Hotel, Chamberlain West Hollywood Hotel, Chaminade Resort & Spa, Embassy Suites San Diego Bay-Downtown, Estancia La Jolla Hotel & Spa, George Hotel, Harbor Court Hotel San Francisco, Hilton San Diego Gaslamp Quarter, Hotel Monaco Washington DC, Hotel Zelos San Francisco, Hotel Palomar Los Angeles Beverly Hills, Hotel Zeppelin San Francisco, and others. The Company is focused on both branded and independent full-service hotels in the upper-upscale segment of the lodging industry. The full-service hotels on which the Company focuses its investment activity generally have one or more restaurants, lounges, meeting facilities, and other amenities, as well as customer service.