Pebblebrook Hotel Trust closed the sale of the 618-room Manhattan NYC hotel in Manhattan, N.Y., for $217.5 million.

Proceeds from the sale will be used to repay a $140.0 million loan secured by the property and for general corporate purposes, including repaying outstanding debt and repurchasing common shares.

Pebblebrook Chairman, President and CEO Jon Bortz said in a release that "this sale represents our second significant step towards reducing our exposure to the New York market."

Pebblebrook announced its plan to reduce exposure to New York in October with the sale of its interests in four hotels in the city.