BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that it
has priced an 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 other
estimated offering costs. The offering is expected to close on June 9,
2016, subject to customary closing conditions.
The Company will contribute 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 are the
joint book-running managers of the offering. Baird, Citigroup, Jefferies
and Stifel are acting as co-managers.
Copies of the final prospectus supplement (when available) and base
prospectus relating to the shares may be obtained by contacting Merrill
Lynch, Pierce, Fenner and Smith Incorporated, NC1-004-03-43, 200 North
College Street, 3rd floor, Charlotte NC 28255-0001, Attention:
Prospectus Department, email: dg.prospectus_requests@baml.com,
telephone: 1-800-294-1322; Raymond James & Associates, Inc., Attention:
Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida, email: prospectus@raymondjames.com,
telephone: 1-800-248-8863; Wells Fargo Securities, LLC, Attention: WFS
Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN
55402, email: wfscustomerservice@wellsfargo.com,
telephone: 1-800-645-3751. 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 or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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.
This press release contains certain “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.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,” “assume,” “plan,”
references to “outlook” 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 and forecasts and other forward-looking information and
estimates.For example, the fact that this offering has priced
may imply that this offering will close, but the closing is subject to
conditions customary in transactions of this type and may be delayed or
may not occur at all.Investors should not place undue reliance
upon forward-looking statements.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 (the “SEC”), including, without limitation, the Company’s
Annual Report on Form 10-K for the year ended December 31, 2015.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 are available on the SEC’s website at www.sec.gov.
All information in this press release is as of June 2, 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/20160602006526/en/
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer
240-507-1330
Source: Pebblebrook Hotel Trust