BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has successfully entered into an agreement for the issuance of $100
million private placement of senior unsecured notes to a group of
institutional investors. The financing consists of $60 million of notes
with an eight-year term maturing December 2023 priced at a fixed
interest rate of 4.70% and $40 million of notes with a ten-year term
maturing December 2025 priced at a fixed interest rate of 4.93%. Closing
and funding of the new private placement of senior unsecured notes is
expected to occur December 1, 2015, subject to the satisfaction of
standard closing conditions.
“We are excited to establish a new partnership with our private
placement investor group, who provided us with very attractive terms for
this new long-term debt financing,” commented Raymond D. Martz, Chief
Financial Officer for Pebblebrook Hotel Trust. “By accessing the private
placement market, we’ll be able to further diversify our sources of
debt, while also extending our future debt maturities. The proceeds from
this offering will be used to pay down existing outstanding borrowings
on our unsecured credit facility, as well as for other working capital
needs.”
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 37 hotels, including 31 wholly
owned hotels with a total of 7,408 guest rooms and a 49% joint venture
interest in six hotels with a total of 1,787 guest rooms. The Company
owns, or has an ownership interest in, hotels located in 11 states and
the District of Columbia, including: San Francisco, California; Los
Angeles, California (Beverly Hills, Hollywood, Santa Monica and West
Hollywood); Boston, Massachusetts; New York, New York; San Diego,
California; Portland, Oregon; Buckhead, Georgia; Naples, Florida;
Seattle, Washington; Miami, Florida; Washington, DC; Philadelphia,
Pennsylvania; Columbia River Gorge, Washington; Nashville, Tennessee;
Bethesda, Maryland and Minneapolis, Minnesota. For more information,
please visit us at www.pebblebrookhotels.com
and follow us on Twitter at @PebblebrookPEB.
This press release contains certain “forward-looking” statements
relating to, among other things, potential incurrence of indebtedness.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,” “plan” 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 or other forward-looking information.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,
2014.Unless legally required, the Company disclaims any
obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise.
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 November 12, 2015.The
Company undertakes no duty to update the statements in this release to
conform the 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151112006632/en/
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer,
240-507-1330
Source: Pebblebrook Hotel Trust