Pebblebrook Hotel Trust Completes $81.0 Million, 3.69 Percent, Secured Debt Financing
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has successfully executed a new $81.0 million non-recourse, secured
loan with PNC Bank, N.A. at a fixed annual interest rate of 3.69
percent. The loan has a term of seven years and is secured by a first
mortgage on the Company’s 450-room Westin Gaslamp Quarter in San Diego,
California. Proceeds from the loan will be used to fund future
acquisitions and for general business purposes.
“We are extremely pleased with the terms and execution of this debt
financing, and our continued ability to access the debt markets to reap
the benefits of the very attractive interest rate environment,” stated
Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust.
“Our balance sheet remains strong, and we continue to be well
capitalized to take advantage of acquisition opportunities in the
marketplace.”
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment
trust (“REIT”) organized to opportunistically acquire and invest
primarily in upper upscale, full-service hotels located in urban markets
in major gateway cities. The Company owns 25 hotels, including 19 wholly
owned hotels with a total of 4,615 guest rooms and a 49% joint venture
interest in six hotels with a total of 1,733 guest rooms. The Company
owns, or has an ownership interest in, hotels located in ten states and
the District of Columbia, including 16 markets: Los Angeles, California;
San Diego, California; San Francisco, California; Santa Monica,
California; West Hollywood, California; Miami, Florida; Buckhead,
Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis,
Minnesota; New York, New York; Portland, Oregon; Philadelphia,
Pennsylvania; Columbia River Gorge, Washington; Seattle, Washington; and
Washington, DC. For more information, please visit www.pebblebrookhotels.com.
This press release contains certain “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities Reform
Act of 1995, including with regard to the anticipated use of proceeds.
Forward-looking statements are generally identifiable by use of
forward-looking terminology such as “may,” “will,” “should,”
“potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,”
“approximately,” “believe,” “could,” “project,” “predict,” “forecast,”
“continue,” “assume,” “plan,” references to “outlook” or other similar
words or expressions. Forward-looking statements are based on
certain assumptions and can include future expectations, future plans
and strategies, financial and operating projections and forecasts and
other forward-looking information and estimates. No assurance can
be given that the net proceeds of the offering will be used as indicated.
These forward-looking statements are subject to various risks and
uncertainties, many of which are beyond the Company’s control, which
could cause actual results to differ materially from such statements.
These risks and uncertainties include, but are not limited to, the
state of the U.S. economy and the supply of hotel properties, and other
factors as are described in greater detail in the Company’s filings with
the Securities and Exchange Commission, including, without limitation,
the Company’s Annual Report on Form 10-K for the year ended December 31,
2011.
For further information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section of the
Company’s website at www.pebblebrookhotels.com.
All information in this release is as of December 27, 2012. Except
as required by law, the Company undertakes no duty to update the
statements in this release to conform the forward-looking statements to
actual results or changes in the Company’s expectations.
For additional information or to receive press releases via email,
please visit our website at
www.pebblebrookhotels.com