Pebblebrook Hotel Trust traded two of its New York hotels to Highgate Hotels and the LeFrak Organization amid efforts to scale back its portfolio.
These are the first two sales from the Maryland-based real estate investment trust following its $5.2 billion merger with LaSalle Hotel Properties in November. Pebblebrook plans to sell between $750 million and $1.25 billion in legacy LaSalle Hotel Properties hotels over the next six to 12 months. The sale consisted of the Park Central New York and the Gild Hall hotel.
“Our completed property sales demonstrate our ability to quickly execute on our strategic disposition program,” Thomas Fisher, CEO of Pebblebrook, said in a statement.
Highgate Hotels purchased the Park Central New York at Seventh Avenue and 55th Street, while the LeFrak Organization paid an estimated $38 million to buy the 130-room Gild Hall hotel.
Eastdil Secured marketed the Gild Hall hotel on behalf of Pebblebrook, and the sale represents a loss for LaSalle. In 2006, the company purchased Gild Hall from RD Management for $50.47.
At this time, Pebblebrook is not marketing any other New York hotels.