Greenberg Traurig represented a joint venture of BLDG Management Co. and Metrovest Equities, Inc. in its $111 million purchase of a 343-room hotel in Washington, D.C. on Feb. 14, 2019 from Pebblebrook Hotel Trust.
The sale price reflects a 16.9x EBITDA multiple and a 4.9% net operating income capitalization rate (after an assumed annual capital reserve of 4% of total hotel revenues) based on the trailing twelve-month operating performance for the period ended December 31, 2018.
Proceeds from the sale will be used for general business purposes including reducing the REIT’s outstanding debt. As a result of this completed sale, Pebblebrook estimates its total net debt to trailing 12-month corporate EBITDA will be approximately 4.8 times at the end of the first quarter 2019.
Greenberg Traurig, LLP Shareholders Gary S. Kleinman (Picture), Farah S. Ahmed, and Nelson F. Migdal, Of Counsel Samantha Ahuja, and Associates Karen L. Geringerand Rosemarie Salguero represented a joint venture of BLDG Management Co.
Involved fees earner: Farah Ahmed – Greenberg Traurig; Samantha Ahuja – Greenberg Traurig; Karen Geringer – Greenberg Traurig; Gary Kleinman – Greenberg Traurig; Nelson Migdal – Greenberg Traurig; Rosemarie Salguero – Greenberg Traurig;
Law Firms: Greenberg Traurig;