Pebblebrook Hotel Trust is acquiring a 49% share in five Affinia properties and The Benjamin hotel for $152 million, The Wall Street Journal reports. Around $294 million of the six Manhattan boutique hotels’ debt will be assumed by the real estate investment trust.
The hotels, located in Midtown, are being purchased from Denihan Hospitality Group, who will continue to maintain a 51% stake as well as management of the properties. The proceeds from the deal will be used for expansion of Denihan hotels.
Click here for the story from The Wall Street Journal.