Pebblebrook Sells Onyx Hotel Near Downtown Boston for $58.3M
BOSTON — Pebblebrook Hotel Trust, a publicly traded real estate investment trust (NYSE: PEB), has sold the 112-room Onyx hotel located at 155 Portland St. near downtown Boston for $58.3 million. The buyer was not disclosed, but the sales price represents a capitalization rate of 5.9 percent. Pebblebrook will use proceeds from the sale for general business purposes, including paying off existing debt. The Onyx Hotel offers guests amenities such as a 24-hour fitness center, bike rental services, spa products and services that are delivered directly to guestrooms.