OLS Hotels
and Resorts will manage the property. As a part of this transaction,
Pebblebrook Hotel Trust is assuming a $23.7-million secured, non-recourse loan,
with the balance of the purchase price being funded by the company with
available cash.
The Hotel
Modera, originally built in 1962, underwent a $13-million renovation and repositioning
that was completed in 2008. The hotel offers Italian Carrera marble, black
walnut floors and modern architecture. The hotel’s guestrooms include
iPod-docking stations, 32-in. LCD flat screen TVs, pillow-top mattresses and microfiber robes. The hotel offers
2,000 sq. ft .
of meeting space in three meeting rooms and an additional 600 sq. ft . of space in
two private dining rooms
