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Thursday, Nov 21, 2024

REIT Sells Burbank Hotel for $72.9 Million

Pebblebrook Hotel Trust has sold the Hotel Amarano Burbank for $72.9 million, after purchasing the property last winter for less than $500,000. According to CoStar, an unnamed buyer purchased the 132-room hotel, located at 322 N. Pass Ave. in Burbank. The hotel previously sold in November 2018 as part of a 40-property portfolio. Pebblebrook Hotel Trust, REIT based in Maryland, purchased it for $497,751 as part of the portfolio, sold to them by real estate investment trust LaSalle Hotel Properties. At $72.9 million, the sales price calculates to $552,273 per room, more than Pebblebrook paid for the entire hotel. The 60,863-square-foot building, erected in 2001, last saw a renovation in 2012. Burbank attracted a record 50 million tourists last year, according to the Los Angeles Tourism and Convention Board.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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