BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has successfully executed a new $31.0 million secured loan with UBS
Real Estate Securities Inc. that is expected to fund January 25, 2011.
The loan has a fixed annualized interest rate of 5.44 percent and a term
of five years. The loan is collateralized by a first mortgage on the
256-room Skamania Lodge in Stevenson, Washington, and proceeds from the
loan will be used to fund future acquisitions and for general business
purposes.
With the completion of this financing, the Company has $174.6 million of
debt outstanding at a weighted average annual interest rate of 4.07
percent. The Company has no outstanding balance on its $150.0 million
senior secured credit facility.
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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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 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.
All information in this release is as of January 6, 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