Pebblebrook buys a property in Florida

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Published on 26/05/15 - Updated on 23/10/24

Pebblebrook Hotel announced its acquisition of LaPlaya Beach Resort, a 189-room, waterfront, luxury resort and LaPlaya Beach Club, a private members club located at the resort, for a combined purchase price of $185.5 million.

Pebblebrook Hotel Trust announced the acquisition of LaPlaya Beach Resort, a 189-room, waterfront, luxury resort and LaPlaya Beach Club, a private members club located at the resort, for a combined purchase price of $185.5 million.

LaPlaya Beach Resort is a 189-room, luxury, full-service resort that sits on 6 acres of beachfront property surrounded by stunning views of the Gulf of Mexico and Vanderbilt Bay. The resort was originally built in 1968 and underwent a comprehensive, $54 million renovation and redesign in 2002. In addition to the resort, the Company also purchased the LaPlaya Beach Club (the "Club"), which has grown to become one of the most notable private clubs in Florida. The Club provides the Company with a strong revenue stream through initiation fees and annual membership dues, while also generating significant ancillary spending at the resort by its members. The Club boasts over 800 current active members and provides a Club members' private dining room, private pool cabanas, and an exclusive agreement with the LaPlaya Golf Course to provide Club members and hotel guests with golf access and privileges. The LaPlaya Golf Course is not included in the transaction.

The acquisition of LaPlaya Beach Resort brings the total number of properties in the Company's portfolio to 36 and marks the Company's first investment in Naples, Florida.
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