BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced it
has sold 600,000 shares of its 7.875% Series A Cumulative Redeemable
Preferred Shares (“Series A Preferred Shares”) directly to CBRE Clarion
Securities LLC at a price of $25.25 per share. The 600,000 shares
represent additional Series A Preferred Shares having the same rights,
terms and preferences as the 5,000,000 Series A Preferred Shares
initially issued by the Company in an underwritten public offering in
March 2011.
The Company will contribute the net proceeds from the sale of the shares
to its operating partnership. The operating partnership will use the net
proceeds for general corporate purposes, which may include acquiring and
investing in hotel properties in accordance with the Company’s
investment strategy and reducing the Company’s debt.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 14 hotels, totaling 3,813 guest rooms, in eight states and
the District of Columbia, including 13 markets: Bethesda, Maryland; San
Francisco, California; Buckhead, Georgia; Washington, D.C.; Minneapolis,
Minnesota; Stevenson, Washington; Santa Monica, California;
Philadelphia, Pennsylvania; San Diego, California; Seattle, Washington;
West Hollywood, California; Miami, Florida; and Boston, Massachusetts.
This press release contains certain “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act of
1995 and other federal securities laws. These forward-looking statements
are based upon the Company’s expectations, but these statements are not
guaranteed to occur.Investors should not place undue reliance
upon forward-looking statements.
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