An unknown buyer agreed to acquire Heathman Hotel Portland LLC from Pebblebrook Hotel Trust (NYSE:PEB) for $45 million on December 31, 2022. The sale of the Heathman Hotel is subject to normal closing conditions, and the Company offers no assurances that this sale will be completed on these terms, or at all. For the trailing twelve months ended December 31, 2022, the hotel?s net operating income was $1 million, and its Hotel EBITDA was $1.2 million.

The sale is targeted to be completed later in the first quarter of 2023. Proceeds from the sale of the Heathman Hotel will be used for general corporate purposes, which may include reducing the Company?s outstanding debt and repurchasing common and preferred equity shares.