Bethesda, Md.-based Pebblebrook Hotel Trust has acquired the Embassy Suites San Diego Bay – Downtown for $112.5 million.
The 337-suite hotel is located in downtown San Diego. The hotel was built in 1988 and renovated in 2006, with a $3.5 million guest suites renovation last May. HEI Hotels and Resorts will manage the property for Pebblebrook.
‘We're very excited about the acquisition of the Embassy Suites San Diego Bay – Downtown and the opportunity to further expand our presence in the highly desirable downtown San Diego market,’ says Jon Bortz, chairman and CEO of Pebblebrook Hotel Trust.
Pebblebrook expects to incur approximately $900,000 in costs related to the acquisition of the hotel and $200,000 related to the transition of a new management team. The acquisition brings the total number of properties in the company's portfolio to 26, comprising $2.1 billion of invested capital.