Denihan Completes Redemption Agreement With Pebblebrook Hotel Trust For Portfolio Of Six Manhattan Assets

NEW YORK, Oct. 20, 2016

Pursuant to the redemption agreement, Denihan becomes the sole owner of four of the assets, totaling 917 rooms – The Benjamin, Fifty NYC, Gardens NYC, Shelburne NYC (the latter three operated under the Affinia Hotel Collection).  Pebblebrook assumed full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms.

"We are delighted to consolidate our ownership of the Manhattan Collection into these four hotels and are planning to invest significant capital into both the Gardens NYC (Upper East Side) and Shelburne NYC (Murray Hill)" said Glenn Wasserman, Chief Financial Officer of Denihan.  "This transaction is part of Denihan's overall strategy to grow our business and continue to deliver superior guest experiences."

The other two Midtown Manhattan assets owned by Denihan – The Benjamin and Fifty NYC – underwent sizeable renovations in 2013 and 2014, respectively.

"We are bullish on the long-term value of the New York City market and continue to pursue growth opportunities in other U.S. destinations," said Patrick Denihan, CEO of Denihan Investments.  "As a 53-year old family enterprise, we are committed investors and make decisions based on sustainable value for the company."

"2017 will be an exciting and critical year for the company," added Brooke Barrett, CEO of Denihan Hospitality.  "In addition to our work on the Affinia portfolio, we look forward to opening The James West Hollywood in March, renovating and relaunching the Carlton, and embarking on an extensive renovation of The James Chicago – all in tandem with other exciting developments for The James brand."

"Denihan will continue to invest in and add assets to our current brand portfolio that will support our position as an undisputed leader among owners and operators of upper upscale and luxury boutique hotels in the United States," said Mr. Denihan.