BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (the “Company”) (NYSE: PEB) announced today that
it intends to issue 3,000,000 of its common shares of beneficial
interest, $0.01 par value per share, in an underwritten public offering.
The underwriter may 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 underwriter has
been granted a 30-day option to purchase up to an additional 450,000
common shares. The offering is expected to close on September 9, 2014,
subject to customary closing conditions.
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) to repay the approximately $91.0 million
outstanding on the Company’s senior unsecured revolving credit facility
and the balance 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.
Raymond James is serving as the sole book-running manager for the
offering. A copy of the prospectus supplement and prospectus relating to
these securities may be obtained, when available, by contacting Raymond
James, Attn: Prospectus Department, 880 Carillon Parkway, St.
Petersburg, FL 33716, e-mail prospectus@raymondjames.com,
telephone (800) 248-8863. 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 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.These statements relate to the
Company’s common share offering and the anticipated use of the net
proceeds. No assurance can be given that the offering discussed above
will be completed on the terms described, or at all, or that the net
proceeds of the offering will be used as indicated. Completion of the
offering on 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