Pebblebrook Hotel Trust, of Bethesda, a real estate investment trust focused on luxury hotels in large U.S. cities, said it acquired the 331-room Nines Hotel in downtown Portland, Oregon, for $127 million.
The building in which the hotel is located was built in 1909, and underwent a $140 million renovation, reopening as the Nines Hotel in October 2008.
The hotel occupies floors 6 through 15 and a portion of the first floor and basement, with a Macy’s department store on floors 1 through 5 and most of the basement.
Pebblebrook said it expects to spend from $6 million to $8 million to refurbish the guestrooms and public areas.
Pebblebrook now owns three hotels in downtown Portland, and 31 properties nationwide.