BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has successfully executed a new $150.0 million senior secured credit
facility. Banc of America Securities LLC and Wells Fargo Securities, LLC
were the joint lead arrangers for the credit facility. Bank of America,
N.A. will act as the Administrative Agent and Wells Fargo Bank, N.A.
will act as the Syndication Agent, with US Bank N.A. acting as the
Documentation Agent. The credit facility matures on July 9, 2013, and
has a one-year extension option. The Company has an accordion option
which provides the ability to upsize the available amount of the credit
facility to $200.0 million.
Pebblebrook’s new credit facility includes the following banks: Bank of
America, N.A.; Wells Fargo Bank, N.A.; US Bank N.A.; Crédit Agricole
Corporate and Investment Bank; Raymond James Bank, FSB; Royal Bank of
Canada; and Chevy Chase Bank.
“In this challenging credit environment, we are extremely pleased with
the strong support and confidence that this group of banks has shown in
our company,” noted Raymond D. Martz, Chief Financial Officer for
Pebblebrook Hotel Trust. “The new facility will provide us with
additional liquidity and flexibility to capitalize on acquisition
opportunities in the market.”
“We are thrilled to lead this financing for Pebblebrook Hotel Trust and
look forward to continuing to provide quality financial solutions to
help them grow,” said Kelly Irwin, Managing Director at Bank of America
Merrill Lynch.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a real estate investment trust (“REIT”)
organized to opportunistically acquire and invest primarily in
upper-upscale full-service hotels located in large urban and resort
markets with an emphasis on the major coastal cities.
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here to visit the Pebblebrook Hotel Trust website
This press release contains certain “forward-looking” statements
relating to, among other things, potential property acquisitions.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,” “plan” 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 or other
forward-looking information. 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 Prospectus on Form
424(b)(1) filed on December 9, 2009.Unless legally required, the
Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.
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 July 8, 2010. The Company
undertakes no duty to update the statements in this release to conform
the 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
Source: Pebblebrook Hotel Trust
Contact:
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer
240-507-1330