BETHESDA, Md.--(BUSINESS WIRE)--
Pebblebrook Hotel Trust (NYSE: PEB) (“Pebblebrook”) announced that it
successfully exercised the accordion feature of its existing senior
unsecured revolving credit facility, upsizing the total capacity by $200
million, to a total of $650 million of availability. The upsized
availability provides for additional capacity and flexibility for
Pebblebrook in anticipation of the merger with LaSalle Hotel Properties
(NYSE:LHO) (“LaSalle”), which is expected to close on November 30, 2018.
The accordion’s terms, pricing and covenants are the same as those for
the Company’s current outstanding senior unsecured revolving credit
facility.
“We are appreciative of the continued support from our bank group as we
move towards finalizing our merger with LaSalle, which has received all
necessary shareholder approvals,” commented Raymond D. Martz, Chief
Financial Officer for Pebblebrook Hotel Trust. “Following the completion
of this merger, Pebblebrook will be the largest owner of independent and
lifestyle hotels in the country. Our increased credit facility and our
expanded and enhanced bank group will provide the additional debt
capacity to support our long-term strategic goals and future growth
opportunities.”
The Company’s $650 million senior unsecured revolving credit facility
matures in January 2023 and is jointly led by Bank of America Merrill
Lynch and U.S. Bank National Association. 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.
Bank of Montreal; The Bank of Nova Scotia; Branch Banking and Trust
Company; Capital One, National Association; Citigroup Global Markets,
Inc.; Compass Bank; PNC Bank, National Association; Sumitomo Mitsui
Banking Corporation; SunTrust Bank and TD Bank, National Association
also participate in the Credit Facility.
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
6,973 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.
Cautionary Statement Regarding Forward Looking
Statements
Certain statements in this communication that are not in the present or
past tense or that discuss the expectations of Pebblebrook and/or
LaSalle are forward-looking statements within the meaning of Section 27A
of the Securities Act and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements, which are based on
current expectations, estimates and projections about the industry and
markets in which Pebblebrook and LaSalle operate and beliefs of and
assumptions made by Pebblebrook management and LaSalle management,
involve uncertainties that could significantly affect the financial
results of Pebblebrook or LaSalle or the combined company. Pebblebrook
and LaSalle intend such forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995 and include this
statement for purposes of complying with these safe harbor provisions.
Words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,”
“project” and variations of such words and similar expressions are
intended to identify such forward looking statements, which generally
are not historical in nature. Such forward-looking statements may
include, but are not limited to, statements about the anticipated
closing date of the proposed transaction. Pebblebrook does not undertake
any duty to update any forward-looking statements appearing in this
document.
For additional information or to receive press releases via email,
please visit our website at www.pebblebrookhotels.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20181129005160/en/
Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer
(240)
507-1330
Source: Pebblebrook Hotel Trust