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Bethesda’s Pebblebrook Hotel Trust buys into $910M joint venture

Pebblebrook Hotel Trust of Bethesda, a lodging real estate investment trust, said it completed its previously announced acquisition of a 49 percent interest in a joint venture that owns six upper upscale hotels in Manhattan, valued at $910 million.

The agreement calls for Pebblebrook to pay $153.6 million for its minority interest. The other partner, Denihan Hospitality Group, will continue to manage the properties.

The hotels — Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin – currently comprise 1,640 guest rooms, which will be increased to 1,730 rooms this fall following completion of the Affinia Manhattan renovation.