BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (the “Company”) (NYSE:PEB) announced today the
pricing of its public follow-on offering of 3,200,000 of its common
shares of beneficial interest, $0.01 par value per share, for expected
approximate net proceeds of approximately $127.1 million after the
underwriting discount and estimated offering-related expenses payable by
the Company. The underwriter has been granted a 30-day option to
purchase up to an additional 480,000 common shares. The offering is
expected to close on or about October 30, 2014, subject to customary
closing conditions. Wells Fargo Securities 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 and reducing the Company’s debt.
A copy of the prospectus supplement and prospectus relating to these
securities may be obtained, when available, by contacting Wells Fargo
Securities, Attn: Equity Syndicate Department, 375 Park Avenue, New
York, NY 10152, e-mail cmclientsupport@wellsfargo.com,
telephone (800) 326-6062. 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 interests in 31 hotels,
including 25 wholly owned hotels, with a total of 6,046 guest rooms, and
a 49% joint venture interest in six hotels, with a total of 1,775 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