BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
its Board of Trustees has declared an initial quarterly dividend of
$0.12 per common share of beneficial interest for the quarter ending
December 31, 2010.
The fourth quarter dividend is payable on January 14, 2011 to common
shareholders of record as of the close of business on December 31, 2010.
The initial dividend rate represents a 2.4% annualized yield based on
the closing price of the Company's common shares on December 14, 2010.
“We continue to be encouraged by the strong rebound in travel, which is
benefiting our newly assembled portfolio of high-quality hotels,” said
Jon Bortz, Chairman, President and Chief Executive Officer of
Pebblebrook Hotel Trust. “As a result, the Board and management believe
initiating the dividend at this level provides an attractive return for
our shareholders while also maintaining cash for capital investment and
acquisition opportunities as they continue to occur. We are just in the
first year of what we believe will be a strong multi-year recovery in
the lodging industry and we are extremely excited to be building our
portfolio at such an opportune time.”
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 large urban
and resort markets with an emphasis on the major coastal cities. The
company owns eight hotels with a total of 2,300 guest rooms.
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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 and
projected earnings, expenses and demand.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.Examples of forward-looking
statements include the following: descriptions of the Company’s plans or
objectives for future operations, acquisitions or services; forecasts of
the Company’s future economic performance, future dividend rates; and
descriptions of assumptions underlying or relating to any of the
foregoing expectations regarding the timing of their occurrence.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, supply and demand in the hotel industry and
other factors as are described in greater detail in the Company’s
filings with the Securities and Exchange Commission (“SEC”), including,
without limitation, the Company’s Prospectus filed pursuant to Rule
424(b)(1) on July 23, 2010.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
and at www.sec.gov.
All information in this release is as of December 15, 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.The Company assumes no responsibility for the
contents or accuracy of the information on any of the non-Company
websites mentioned herein, which are included solely for ease of
reference.
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