BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (the “Company”) (NYSE: PEB) announced today the
pricing of its public follow-on offering of 2,200,000 of its common
shares of beneficial interest, $0.01 par value per share for expected
approximate gross proceeds of $65,340,000 before expenses. The
underwriter has been granted a 30-day option to purchase up to an
additional 330,000 common shares. The offering is expected to close on
or about November 6, 2013, subject to customary closing conditions. BofA
Merrill Lynch is serving as the sole book-running manager for the
offering and proposes to offer the shares from time to time for sale in
one or more transactions on the New York Stock Exchange, in the
over-the-counter market, through negotiated transactions or otherwise at
market prices prevailing at the time of sale, at prices related to
prevailing market prices or at negotiated prices.
The Company expects to contribute the net proceeds from the offering to
Pebblebrook Hotel, L.P., its operating partnership, which will use the
net proceeds (after expenses) for general corporate purposes, which may
include acquiring and investing in hotel properties in accordance with
the Company’s investment strategy.
A copy of the prospectus supplement and prospectus relating to these
securities may be obtained, when available, by contacting BofA Merrill
Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department,
email: dg.prospectus_requests@baml.com.
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 in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state. Any offer or sale will be made only by means of
the written prospectus forming part of the effective registration
statement.
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 urban markets
in major gateway cities. The Company owns 28 hotels, including 22 wholly
owned hotels with a total of 5,191 guest rooms and a 49% joint venture
interest in six hotels with a total of 1,733 guest rooms. The Company
owns, or has an ownership interest in, hotels located in ten states and
the District of Columbia, including: Los Angeles, California (Hollywood,
Santa Monica, West Hollywood and Westwood); San Diego, California; San
Francisco, California; Miami, Florida; Buckhead, Georgia; Bethesda,
Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New
York; Portland, Oregon; Philadelphia, Pennsylvania; Columbia River
Gorge, Washington; Seattle, Washington; and Washington, DC.
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 example, the fact that the
offering has priced may imply that the offering will close, but the
closing is subject to conditions customary in transactions of this type
and may be delayed or may not occur at all. In addition, the fact that
the underwriter has an option to purchase additional shares may imply
that this option will be exercised. However, the underwriter is not
under any obligation to exercise this option, or any portion of it, and
may not do so. Completion of the offering on the date and the terms
described, and the application of net proceeds, are subject to numerous
conditions, many of which are beyond the control of the Company,
including, without limitation, general economic conditions, market
conditions and other factors, including those set forth in the Risk
Factors section of the Company’s periodic reports and other documents
filed with the Securities and Exchange Commission (the “SEC”), copies of
which are available on the SEC’s website, www.sec.gov.
The Company undertakes no obligation to update these statements after
the date of this release.
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer
240-507-1300
Source: Pebblebrook Hotel Trust