PEBBLEBROOK ACQUIRES SOFITEL PHILADELPHIA FOR $87 MILLION

PHILADELPHIA — Pebblebrook Hotel Trust has acquired the Sofitel Philadelphia Hotel for $87 million. The 306-room hotel is located in the Center City area of Philadelphia. It features 15,000 square feet of meeting space, a fitness center, a brasserie that serves French-style breakfast and a bar/lounge. The building was originally constructed in 1964 as the home of the Philadelphia Stock Exchange; it was converted into a hotel in 2000. The acquisition included the assumption of a a $56.1 million, non-recourse loan set to mature in February 2012. The loan carries a floating interest rate and interest-only payments. Pebblebrook also announced it has entered into an agreement to acquire another hotel located in the San Francisco Bay area for $84 million.