BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
the joint venture between Pebblebrook Hotel Trust and Denihan
Hospitality Group, which owns six upper upscale hotels (the “Manhattan
Collection”) in New York, New York, has successfully executed a new
$50.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed
annual interest rate of 3.14 percent. The interest-only loan has a term
of five years and is secured by a first mortgage on the upper upscale,
242-room Affinia Dumont. Proceeds from the loan will be used for general
business purposes.
Affinia Dumont Lobby, New York, New York (Photo: Business Wire)
“We are very happy with the completion of this debt financing and our
continued ability to access the debt markets at extremely attractive
terms,” said Raymond D. Martz, Chief Financial Officer for Pebblebrook
Hotel Trust. “This transaction further strengthens our balance sheet and
we remain well positioned for growth opportunities in the marketplace.”
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 26 hotels, including 20 wholly
owned hotels with a total of 4,960 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, across 16 markets: Los Angeles, California;
San Diego, California; San Francisco, California; Santa Monica,
California; West Hollywood, 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. For more information, please visit www.pebblebrookhotels.com.
About Denihan Hospitality Group
Denihan Hospitality Group is a privately-held, full-service hotel
management and development company that owns and/or operates 14 boutique
hotels in major urban markets in the U.S. Over the past 50 years, the
Denihan family has built a world-class lodging investment platform
within the boutique hotel space, creating value by acquiring,
repositioning and managing independent hotels. More details can be found
at www.denihan.com.
This press release contains a “forward-looking statement” made
pursuant to the safe harbor provisions of the Private Securities Reform
Act of 1995 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
loan will be used as indicated.
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 April 4, 2013.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
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130404006261/en/
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial
Officer
240-507-1330
Source: Pebblebrook Hotel Trust