BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced the
closing of its underwritten public offering of 5,000,000 shares of its
6.375% Series D Cumulative Redeemable Preferred Shares at a public
offering price of $25.00 per share, for net proceeds of approximately
$120.9 million, after deducting the underwriting discount and estimated
offering-related expenses.
The Company contributed the net proceeds from the sale of the shares to
its operating partnership. The operating partnership will use the net
proceeds to reduce amounts outstanding under the Company’s senior
unsecured revolving credit facility and for general corporate purposes,
which may include repurchasing the Company’s common shares.
BofA Merrill Lynch, Raymond James and Wells Fargo Securities were the
joint book-running managers of the offering. Baird, Citigroup, Jefferies
and Stifel acted as co-managers.
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 7,235 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, Santa Monica and West Hollywood);
Boston, Massachusetts; New York, New York; San Diego, California;
Portland, Oregon; Atlanta (Buckhead), Georgia; Naples, Florida; Seattle,
Washington; Coral Gables, Florida; Washington, DC; Philadelphia,
Pennsylvania; Stevenson, Washington; Nashville, Tennessee; Bethesda,
Maryland and Minneapolis, Minnesota.
All information in this press release is as of June 9, 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/20160609006129/en/
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer
240-507-1330
Source: Pebblebrook Hotel Trust