Pebblebrook Hotel Trust has executed a contract to acquire the AAA Four Diamond Inn on Fifth in Naples, Florida for $156 million. Upon completion of the acquisition, Pebblebrook will retain Noble House Hotels & Resorts to manage the 119-room independent hotel in Historic Downtown Naples. The purchase is expected to be completed by the end of the second quarter 2022 and is subject to customary closing conditions.
Located just five blocks from the Fifth Avenue Beach, the Inn on Fifth has 119 guestrooms across two buildings (the Main and Club Level buildings), including 43 suites. The Club Level Building has 32 of the suites, as well as a private rooftop with a jacuzzi and an exclusive private lounge serving breakfast, cocktails, beverages, snacks and hors d’oeuvres. The Main Building is home to the remaining 87 guestrooms and suites, an outdoor pool deck with food and beverage service, a day spa, a fitness center, and 10,000 square feet of recently renovated indoor and outdoor meeting space. All guests of Inn on Fifth have access to 12 tennis courts at the adjacent Cambier Park Arthur Allen Tennis Center. Dining wise, the ground level is home to Truluck’s Restaurant and Ocean Prime.
By acquiring Inn on Fifth, Pebblebrook marks its entry into the Naples market. The resort will also become part of Curator Hotel & Resort Collection, which is expected “to generate a wide array of expense reductions combined with enhanced technology and operating initiatives,” according to Jon E. Bortz, chairman, president and CEO of Pebblebrook Hotel Trust.
The rapidly growing Naples market has a mix of culture, arts, leisure and promenades along more than 30 miles of beaches bordering the Gulf of Mexico. The market has recently developed a high concentration of the area’s banking, wealth management and healthcare companies, attracting tourists and residents from across the globe. There are also more than 100 art galleries, boutique shops, art exhibits, annual events and dining options in the destination. The Naples area also offers multiple golf options, eco-tourism attractions, yachting, watersports adventures, and many additional beaches and state parks. Guests at Inn on Fifth can take advantage of the nearby access to the Fifth Avenue Beach and the shopping along Fifth Avenue via the hotel shuttle service.
Pebblebrook is evaluating numerous operating and physical enhancements for additional upside and increased cash flow, including a development opportunity on the half-acre parcel adjacent to the hotel’s Main Building that is part of the acquisition.
The acquisition of Inn on Fifth would bring the total number of properties in the Company’s portfolio to 54, including 12 drive-to, independent lifestyle resorts, and six properties in South Florida.
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