BOSTON — Pebblebrook Hotel Trust (NYSE: PEB), a hospitality REIT, has sold an 826-space parking garage at Revere Hotel Boston Common, located at 200 Stuart St. in downtown Boston, for $95 million. The buyer was not disclosed.
The sale, which closed on June 23, also includes 10,500 square feet of vacant space on the ground floor.
Pebblebrook will utilize the proceeds from the sale for general business purposes, such as paying off outstanding debt or repurchasing some of its shares of common stock.
The company expects the acquisition to generate approximately $11.7 million in additional net income across the second, third and fourth quarters, and to reduce funds from operations (FFO) by $1.3 million during that period.