BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has successfully executed a new $50.0 million non-recourse, secured
loan with PNC Bank, N.A. at a fixed annual interest rate of 3.90
percent. The loan has a term of five years and is secured by a first
mortgage on the Company’s 306-room Hotel Sofitel Philadelphia in
Philadelphia, Pennsylvania. Proceeds from the loan will be used to pay
down the outstanding balance on the Company’s credit facility, to fund
future acquisitions and for general business purposes.
“We are thrilled with the completion of this debt financing and our
ability to access the debt markets at historically attractive terms,”
said Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel
Trust. “Our balance sheet is very strong and we continue to be well
capitalized to take advantage of acquisition opportunities in the
marketplace.”
Following the application of proceeds from the Hotel Sofitel
Philadelphia refinancing, the Company has $261.0 million in consolidated
debt and $280.6 million in unconsolidated, non-recourse debt at weighted
average interest rates of 4.6 percent and 3.2 percent, respectively. The
Company has no outstanding balance on its $200.0 million senior
unsecured credit facility. The Company has approximately $58.8 million
of consolidated cash, cash equivalents and restricted cash and
approximately $19.1 million of unconsolidated cash, cash equivalents and
restricted cash. The unconsolidated debt, cash, cash equivalents and
restricted cash amounts represent the Company’s 49 percent pro rata
interest in the Company’s Manhattan Collection portfolio, a joint
venture with affiliates of Denihan Hospitality Group that owns six upper
upscale hotels in Manhattan, New York.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate
investment trust (“REIT”) organized to opportunistically acquire and
invest primarily in upper upscale, full service hotels located in urban
markets in major gateway cities. The Company owns 21 hotels, comprised
of 15 wholly owned hotels, with a total of 3,920 guest rooms and a 49
percent joint venture interest in six hotels with 1,733 guest rooms. The
Company owns, or has an ownership interest in, hotels located in nine
states and the District of Columbia, including 14 markets: San Diego,
California; San Francisco, California; Santa Monica, California; West
Hollywood, California; Washington, DC; Miami, Florida; Buckhead,
Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis,
Minnesota; New York, New York; Philadelphia, Pennsylvania; Columbia
River Gorge, Washington; and Seattle, Washington. For more information,
please visit www.pebblebrookhotels.com.
This press release contains certain “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities Reform
Act of 1995, including with regard to the anticipated use of proceeds.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,” “assume,” “plan,” references to “outlook” 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 and forecasts and
other forward-looking information and estimates.No assurance can
be given that the net proceeds of the offering will be used as indicated.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,
2011.
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 May 21, 2012.Except
as required by law, the Company undertakes no duty to update the
statements in this release to conform the forward-looking 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.
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer,
240-507-1330
Source: Pebblebrook Hotel Trust