BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has amended and restated its senior credit facility. The new bank
facility, which is now unsecured, has $200 million of availability, an
increase from $150 million. In addition, the facility provides the
Company with an accordion option to upsize the available amount of the
credit facility to $400 million. Pricing on the new bank facility has
been reduced and the maturity has been extended to June 3, 2014, with an
option to extend to June 3, 2015. The company currently has no
outstanding balance on the facility.
“We are extremely pleased with the improved terms and pricing of our
line,” noted Raymond D. Martz, Chief Financial Officer for Pebblebrook
Hotel Trust. “Our bank group continues to show strong support for our
company and our investment strategy. Our conservative balance sheet,
combined with the enhanced flexibility and capacity provided by our new
facility, will enable us to continue to capitalize on acquisition
opportunities.”
The Company’s senior unsecured credit facility is led by Merrill Lynch,
Pierce, Fenner & Smith Incorporated. Bank of America, N.A. serves as
Administrative Agent, U.S. Bank National Association serves as
Syndication Agent and Raymond James Bank, FSB serves as Documentation
Agent. The following banks are also participants in the credit facility:
Citibank, N.A.; Crédit Agricole Corporate and Investment Bank; PNC Bank,
National Association; Regions Bank; Royal Bank of Canada; Wells Fargo
Bank, National Association and Capital One, N.A.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment
trust (“REIT”) organized to opportunistically acquire and invest in
primarily upper upscale, full-service hotels located in large urban and
resort markets with an emphasis on the major coastal cities. The company
owns 13 hotels, totaling 3,576 guest rooms, in six states and the
District of Columbia, including 12 markets: Bethesda, Maryland; San
Francisco, California; Buckhead, Georgia; Washington, DC; Minneapolis,
Minnesota; Stevenson, Washington (near Portland, Oregon); Santa Monica,
California; Philadelphia, Pennsylvania; San Diego, California; Seattle,
Washington; West Hollywood, California; and Miami, Florida. For more
information, please visit www.pebblebrookhotels.com.
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 Annual Report on Form 10-K
for the year ended December 31, 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.
All information in this release is as of June 3, 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