BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE:PEB) (the “Company”) today provided an
update regarding its hotels in Florida that were impacted by Hurricane
Irma.
The 157-room Hotel Colonnade Coral Gables (“Hotel Colonnade”), located
in Coral Gables, Florida, remained open and operational during Hurricane
Irma, remains open today and did not incur any material physical damage.
The hotel has incurred some cancellations of business due to
storm-related travel disruptions, however, this lost business has not
been material.
The 189-room LaPlaya Beach Resort & Club (“LaPlaya”), a waterfront
luxury resort located in Naples, Florida, closed starting Saturday,
September 9, 2017 following a mandatory evacuation order and remains
closed. The Company conducted site assessments and structural reviews of
the resort to determine wind and water-related damage from Hurricane
Irma. The two hotel buildings located on the beach incurred meaningful
water infiltration. The Company commenced repair and restoration work at
LaPlaya almost immediately following the hurricane, and repair and
restoration crews are working aggressively to complete the repairs in
order to reopen as soon as possible. The cost of the restoration work
and lost business as a result of the resort’s closure is expected to
exceed the Company’s property insurance deductible. Pebblebrook
currently believes the resort will reopen during the fourth quarter. The
Company does not believe that the property damage or lost business at
LaPlaya was material.
“We thank our management teams and associates at Hotel Colonnade and
LaPlaya who have done a terrific job protecting our guests and
associates and mitigating further property damage,” said Jon Bortz,
Chairman, President and Chief Executive Officer of Pebblebrook Hotel
Trust. “At LaPlaya, we are working diligently to repair and restore the
areas of the resort that were damaged by the hurricane. Despite not
being open for typical resort guests, we are pleased to be able to
accommodate relief workers, displaced residents and construction and
insurance related workers in our Bay Tower, which sustained relatively
minimal damage from the storm. We will update our investors over the
coming weeks as we learn more about the expected reopening of the resort
as well as losses from both property damage and business interruption.
Fortunately, no guests or employees were injured as a result of the
storm.”
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 28 hotels, with a total of
6,970 guest rooms. The Company owns hotels located in 9 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;
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 September 25, 2017.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/20170925005402/en/
Pebblebrook Hotel Trust
Raymond D. Martz, 240-507-1330
Chief
Financial Officer
Source: Pebblebrook Hotel Trust