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Pebblebrook under contract to sell Topaz Hotel for $33M

Pebblebrook under contract to sell Topaz Hotel for $33M

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(j-foto / Depositphotos.com)
(j-foto / Depositphotos.com)

A Bethesda real estate investment trust has a contract to sell a 99-room hotel for $33 million in Washington, D.C.

said the sale price of the Topaz Hotel reflects a 19.5 times EBITDA multiple and a 4.4% net operating income capitalization rate based on the hotel’s performance in 2018. The company wouldn’t reveal the buyer to The Daily Record, citing a nondisclosure agreement.

Pebblebrook expects the sale to close before the end of the year, subject to normal conditions.