Net Proceeds of $120.9 Million Raised from Offering
BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced the
closing on March 11, 2011 of an underwritten public offering of
5,000,000 shares of its 7.875% Series A Cumulative Redeemable Preferred
Shares at a public offering price of $25.00 per share, for a total of
approximately $120.9 million of net proceeds, after deducting the
underwriting discount and other estimated offering-related costs.
Wells Fargo Securities, BofA Merrill Lynch and Raymond James were the
joint book-running managers of the offering. Citi and RBC Capital
Markets acted as senior co-managers and Baird, Janney Montgomery Scott
and Morgan Keegan acted as co-managers.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment
trust 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
nine hotels with a total of 2,552 guest rooms in six states and the
District of Columbia, including San Francisco, California; Washington,
D.C.; Santa Monica, California; Minneapolis, Minnesota; Bethesda,
Maryland; Buckhead, Georgia; Stevenson, Washington; and Philadelphia,
Pennsylvania.
All information in this release is as of March 14, 2011. 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