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Thursday, 04 November 2010

Lowe Sells Ore. Hotel-Resort for $55.8Mln

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Lowe Enterprises has sold a 254-room hotel and resort in Stevenson, Ore., near Portland, for $55.8 million to Pebblebrook Hotel Trust.

The Los Angeles investor, on behalf of a pension-fund client, in 2005 paid $59 million for the property, Skamania Lodge, an upper-upscale resort in the Columbia River Gorge.

Pebblebrook, which last month said it would buy a Portland-area hotel, predicts that the property over the next 12 months will generate $3.9 million to $4.2 million of net operating income after $700,000 is set aside for capital reserves. The property operated at a 48 percent occupancy rate last year and generated an average rate of $149.

Destination Hotels & Resorts, the Lowe subsidiary that has managed the Skamania since 2005, has been retained in that role by Pebblebrook.

The lodge, which was built in 1993 and underwent $4.5 million of renovations since 2007, includes 22,000 square feet of meeting space, a golf course, indoor swimming pool, spa and fitness center, tennis and basketball courts and hiking and biking trails.

The acquisition is the sixth for Pebblebrook, which raised $402.5 million of gross proceeds through an initial public offering of its common shares earlier this year.

The REIT also expects in the next 60 days to close on its previously announced agreements to pay $102.8 million for a hotel in the Los Angeles area and $89 million for another in the Philadelphia region.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



Copyright © 2010 Commercial Real Estate Direct www.crenews.com

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Portland
  • States: Oregon
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
  • Valuation: Between $50 million and $100 million
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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