U.S. real estate investment trust company Pebblebrook Hotel Trust revealed that it has completed the divestment of the Grand Hotel Minneapolis in Minnesota for $30 million.

The divestment price includes the 140-room hotel and the 57,000 square foot fitness center which is fully leased to a third-party until June 2019.

Pebblebrook Hotel Trust intends to use the proceeds for general corporate purposes which may include downsizing its debt.

The disposal price reflects a 7.9 times earnings before interest, taxes, depreciation, and amortization multiple and an 11.2 percent net operating income capitalization rate.