BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has successfully executed a new $46.0 million non-recourse secured
loan through Cornerstone Real Estate Advisers, one of the world's
largest real estate investment advisers, on behalf of an institutional
client. The loan has a fixed interest rate of 4.36 percent with a term
of five years and is secured by a first mortgage on the Company’s
183-room Hotel Monaco Washington, DC. Proceeds from the loan will be
used to pay off the existing $35.0 million first mortgage on the Hotel
Monaco Washington, DC, to fund future acquisitions, and for general
business purposes.
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 20 hotels, comprised of 14 wholly owned hotels, with a
total of 3,812 guest rooms and a 49% joint venture interest in six
hotels with 1,732 guest rooms. The Company owns, or has an ownership
interest in, hotels located in nine states and the District of Columbia,
including 14 markets: Bethesda, Maryland; San Francisco, California;
Buckhead, Georgia; Washington, DC; Minneapolis, Minnesota; Stevenson,
Washington; Santa Monica, California; Philadelphia, Pennsylvania; San
Diego, California; Seattle, Washington; West Hollywood, California;
Miami, Florida; Boston, Massachusetts; and New York, New York. For more
information, please visit www.pebblebrookhotels.com.
For additional information or to receive press releases via email,
please visit our website at www.pebblebrookhotels.com
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer,
240-507-1330
Source: Pebblebrook Hotel Trust