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New York

Pebblebrook, Denihan split portfolio of 6 Manhattan hotels

Deal values the properties at a combined $820M

Jon Bortz and Brooke Barret
Jon Bortz and Brooke Barret

Pebblebrook Hotel Trust and Denihan Hospitality Group have split up their portfolio of six Manhattan hotels in an agreement that values the properties at a combined $820 million.

Pebblebrook, the Bethesda, MD-based real estate investment trust, walked away with the 618-room Manhattan NYC hotel near Madison Square Garden and the 252-key Dumont NYC in Kips Bay, according to a press release issued Thursday.

The two properties were valued at $342.5 million.

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“We are actively marketing these two hotels for sale and continue to be encouraged with the interest shown by the investment community, from both domestic and international investors, in high-quality Manhattan real estate,” Pebblebrook CIO Thomas Fisher said in a statement.

Pebblebrook, which owns 31 hotels throughout the country, bought a 49 percent stake in the portfolio for $152 million in 2011.

Denihan, a family firm headquartered in Midtown, now owns 100 percent of the Benjamin near the Waldorf-Astoria, Fifty NYC in Midtown East, Shelburne NYC in Murray Hill and Gardens NYC in Lenox Hill. Hunton & Williams’ Carl Schwartz and Anthony Bonan advised Pebblebrook. – Rich Bockmann