Pebblebrook Goes Fishing, Lands the Tuscan
- Jun 17, 2015
Pebblebrook Hotel Trust is adding to its footprint in the Bay Area, acquiring Tuscan Fisherman’s Wharf for $122 million. The 221-key property joins six other San Francisco-area venues in Pebblebrook’s expanding West Coast hotel portfolio.
The transaction will not affect daily operations, as Kimpton Hotels & Restaurants is staying on as property manager. Completed in 1990, the hotel underwent a $3.6 million renovation in 2012. Pebblebrook’s planned repositioning calls for an investment of $13 million and $15 million. Starting next year, all guestrooms and common areas will be overhauled.
The hotel offers 2,000 square feet of meeting space and the restaurant. Last year, the facility operated at around 90 percent occupancy, with an average daily rate of $219 and RevPAR of $198. The new owner expects the property to produce NOI after capital reserves between $7.5 million and $8 million.
Image courtesy of pebblebrookhotels.com