Pebblebrook Acquires The Hotel Palomar on Wilshire Boulevard in $78.7 Million Deal
- Nov 21, 2014
The Pebblebrook Hotel Trust recently announced the acquisition of a Los Angeles-area hospitality venue, expanding its SoCal upper upscale hotel portfolio. According to a recently issued press statement, the buyer paid a fee of $78.7 million for the Hotel Palomar Los Angeles – Westwood. The property is the 33rd to be added to the Pebblebrook Hotel Trust, and the fifth investment completed by the company in the city of Los Angeles.
The Hotel Palomar offers guests a total of 264 rooms at a great Wilshire Boulevard location in the Westwood neighborhood of L.A. The property is near the Wilshire Corridor, an area that features ultra-luxury, high-rise condo buildings, 11 million square feet of office space, and the University of California, Los Angeles, home to around 40,000 students. The hotel rooms in the Palomar average 380 square feet in size, offering a generous amount of space.
The Hotel Palomar’s amenity package includes a 40-foot outdoor pool and deck offering food and beverages, a fitness center boasting floor-to-ceiling windows, a five-story parking structure that can accommodate approximately 435 vehicles, valet parking, an around-the-clock business center, as well as in-room spa services. Meeting space at the facility is comprised of eight distinct meeting rooms with over 5,000 square feet of meeting space. Dining at the hotel includes the signature dining concept BLVD 16. The eatery offers diners three meals a day and features home-style American cuisine and drinks.
According to the press statement announcing the acquisition, at the end of September 2014, the hotel finished a 12-month period during which the property operated at around 87 percent occupancy, with an average daily rate of $207. Current projections for 2015 place the hotel’s EBITDA at around $5.2-$5.7 million. The hotel will continue to be managed by hospitality company Kimpton Hotels & Restaurants.
Image courtesy of hotelpalomar-lawestwood.com