BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that
it has executed a purchase and sale agreement to sell the 618-room,
upper upscale, full-service Manhattan NYC in New York, New York for
$217.5 million to a third party. The sale of the Manhattan NYC is
subject to normal closing conditions, and the Company offers no
assurances that this sale will be completed. The Company is targeting to
complete the sale in the next 90 days.
Proceeds from the sale of Manhattan NYC will be utilized for general
business purposes which may include reducing the Company’s outstanding
debt or repurchasing the Company’s common shares.
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 30 hotels, with a total of
7,837 guest rooms. The Company owns hotels located in 10 states and the
District of Columbia, including: Los Angeles, California (Beverly Hills,
Santa Monica and West Hollywood); San Diego, California; San Francisco,
California; Washington, DC; Coral Gables, Florida; Naples, Florida;
Buckhead, Georgia; Boston, Massachusetts; Minneapolis, Minnesota; New
York, New York; Portland, Oregon; Philadelphia, Pennsylvania; Nashville,
Tennessee; Columbia River Gorge, Washington; and Seattle, Washington.
For more information, please visit us at www.pebblebrookhotels.com
and follow us on Twitter at @PebblebrookPEB.
All information in this press release is as of November 7, 2016.The
Company undertakes no duty to update the statements in this press
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/20161107005269/en/
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer
240-507-1330
Source: Pebblebrook Hotel Trust