* Denihan will continue to manage properties
* Shares flat at $20.35
NEW YORK, June 22 Pebblebrook Hotel Trust
(PEB.N) is buying a stake in six Manhattan boutique hotels as
it lengthens a string of acquisitions announced since it sold
shares in early April.
Affiliates of Denihan Hospitality Group, a private New York
hotel concern, will retain a 51 percent stake in the Benjamin
and Affinia-brand hotels, valued at $910 million.
Pebblebrook will pay $152 million and assume about $294
million in debt for its stake in the properties, which Denihan
will continue to manage.
Denihan will use the proceeds to expand their brands beyond
major cities like New York.
Including the Denihan properties, Pebblebrook has bought
outright or purchased a stake in 20 hotels since its 2009
formation by lodging industry veteran Jon Bortz.
More recently, the trust issued stock at $21.60 per share
and announced the purchase of such properties as the Westin
Gaslamp Quarter from Starwood Hotels & Resorts HOT.N and the
Mondrian Los Angeles, which is managed by Morgans Hotel Group
Pebblebrook's shares were up 2 cents at $20.39 on the New
York Stock Exchange in early afternoon.
(Reporting by Helen Chernikoff; editing by Matthew