Bethesda-based Pebblebrook Hotel Trust (NYSE: PEB) has acquired a historic hotel in the heart of San Francisco's South of Market (SoMa) and Convention Center district.
The 108-room Hotel Milano was purchased by Pebblebrook for $30 million and chosen for being in one the strongest hotel markets in nation last year according to Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust.
Pebblebrook will spend $8 to $10 million over the next 12 months for a total renovation of the hotel and has employed the Viceroy Hotel Group to manage it.
The lodging real estate investment trust said it would incur an estimated $700,000 in expenses related to the Hotel Milano acquisition. Pebblebrook now has a 21 hotel portfolio with $1.7 billion invested since December 2009.