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Pebblebrook Hotel Trust has closed on the sale of its 422-room InterContinental Buckhead Atlanta and 237-room Sofitel Washington DC Lafayette Square for $331 million, according to a press release earlier this month.
Brookfield was the buyer, spending $163 million for the InterContinental Buckhead Atlanta alone.
The deal was finalized on March 6 and announced March 9, only two days before The World Health Organization classified the COVID-19 outbreak as a pandemic.
“Demand for hotels is currently at the lowest levels we’ve ever seen,” Keith Barr, CEO of IHG, said in a statement last week responding to the pandemic’s effect on travel.
“IHG has a robust business model and the measures we are announcing today to reduce costs and preserve cash give us the capacity to manage the business through this unique environment and to support our owners during this incredibly difficult time.”
Data from IHG indicates the Group’s global revenue per available room (RevPAR) decreased 6 percent across January and February and is expected to decline near 60 percent as local governments restrict travel and ask its residents to stay at home.
[Editor’s note: The novel coronavirus (COVID-19) pandemic is rapidly evolving as is its effect on Atlanta, and the City’s businesses and its residents. Click here for What Now Atlanta’s ongoing coverage of the crisis. For guidance and updates on the pandemic, please visit the C.D.C. website.]