Denihan Hospitality Group And Pebblebrook Hotel Trust Split Six-Hotel Portfolio
Denihan Hospitality Group and Pebblebrook Hotel Trust have split up a hotel portfolio of six Manhattan properties valued at a total of $820M.
Pebblebrook took two properties—the 618-room Manhattan NYC hotel (top left) near Madison Square Garden and the 252-room Dumont NYC (top center) in Kips Bay—totaling $342.5M, The Real Deal reports.
Pebblebrook CIO Thomas Fisher says the Bethesda, MD-based REIT—which owns 31 hotels in the US and bought a 49% stake in the portfolio in 2011 for $152M—is actively marketing the hotels for sale, and has seen interest from domestic and international buyers.
Denihan now owns 917 rooms across the Benjamin (top right) near the Waldorf-Astoria, Fifty NYC (bottom left) in Midtown East, Shelburne NYC (bottom center) in Murray Hill and Gardens NYC (bottom right) in Lenox Hill. Denihan CFO Glenn Wasserman says the firm plans to invest significant capital into both the Shelburne and Gardens, while The Benjamin and Fifty NYC were renovated in 2013 and 2014, respectively.
The Midtown-based family firm also owns The Surrey and The Carlton and the NYC, Chicago and West Hollywood locations of The James hotels. [TRD]
