BETHESDA, Md.—Pebblebrook Hotel Trust today announced that it has executed a purchase and sale agreement to sell the 618-room, upper upscale, full-service Manhattan NYC in New York for $217.5 million to a third party. The sale of the Manhattan NYC is subject to normal closing conditions, and the company offers no assurances that this sale will be completed. The company is targeting to complete the sale in the next 90 days.
Proceeds from the sale of Manhattan NYC will be utilized for general business purposes which may include reducing the company’s outstanding debt or repurchasing the company’s common shares.
