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Pebblebrook selling Washington, DC, property for $33M

Pebblebrook Hotel Trust agreed to sell the 99-room Topaz Hotel in Washington, D.C., to an unnamed third party for $33.0 million.

The deal reflects a 19.5x EBITDA multiple and a 4.4% net operating income cap rate based on the hotel's 2018 operating performance.

Completion of the transaction is slated for the fourth quarter, subject to closing conditions.