BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has successfully increased the capacity of its senior unsecured
revolving credit facility from $600 million to $750 million. The
increased credit facility is composed of a $450 million unsecured
revolving credit facility and an existing $300 million unsecured term
loan.
“We are pleased to announce the successful increase of our credit
facility, which reflects the continued support of our bank group and
their confidence in the Company’s investment strategy,” commented
Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust.
“The upsizing of our facility provides us with additional capacity and
flexibility for our ongoing capital reinvestment projects, working
capital needs and potential future acquisition opportunities.”
The Company currently has $40.0 million outstanding on its $450 million
unsecured revolving credit facility, which matures in January 2020.
The Company’s $750 million senior unsecured revolving credit facility is
led by Bank of America Merrill Lynch. Bank of America, N.A. serves as
the Administrative Agent, U.S. Bank National Association serves as the
Syndication Agent and Raymond James Bank, N.A., Regions Bank and Wells
Fargo Bank, National Association serve as Documentation Agents. The
following banks are also participants in the credit facility: Citigroup
Global Markets, Inc., PNC Bank, National Association, Capital One, N.A.,
Citizens Bank, Branch Banking and Trust Company, and Sumitomo Mitsui
Banking Corporation.
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 35 hotels, including 29 wholly
owned hotels with a total of 6,992 guest rooms and a 49% joint venture
interest in six hotels with a total of 1,777 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); New York, New York; Boston, Massachusetts; San Diego,
California; Portland, Oregon; Buckhead, Georgia; Seattle, Washington;
Washington, DC; Philadelphia, Pennsylvania; Miami, Florida; 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 May 19, 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/20150519007065/en/
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer
240-507-1330
Source: Pebblebrook Hotel Trust