Among
the noteworthy deals of the past week was Pebblebrook Hotel Trust’s sale of the
Westin Michigan Avenue Chicago to a local investor.
BETHESDA,
Maryland — Pebblebrook Hotel Trust has closed on the sale of the 752-room
Westin Michigan Avenue Chicago for $72 million (less than $96,000 per room) to
local investor Ketu Amin.
Pebblebrook
acquired the well-located hotel with two aging towers in 2018 for $156 million
after LaSalle Hotel Properties bought it in 2006 for nearly $215 million.
Earlier this year, Amin acquired the dual-branded Hampton Inn/Homewood Suites
Mag Mile for a discounted $28.3 million. His portfolio is managed through
Vinayaka Hospitality, run by his wife, Komal Patel.
Following
the sale of The Westin Michigan Avenue Chicago and the previously announced
$44.25 million sale of Montrose at Beverly Hills, Pebblebrook will have reduced
its outstanding debt by $100 million and its preferred securities outstanding
by approximately $5 million.
Click here
for more on this deal.
To download
our list of deals from the past week in Excel format, click here.
Deals of the
Week is a weekly feature by Hotel Investment Today that publishes in our Friday
newsletter. Click here for previous deal compilations from earlier weeks.