BETHESDA, Md.--(BUSINESS WIRE)--Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that the joint venture between Pebblebrook Hotel Trust and Denihan Hospitality Group, which owns six upper upscale hotels (the “Manhattan Collection”) in New York, New York, has successfully executed a new $50.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed annual interest rate of 3.14 percent. The interest-only loan has a term of five years and is secured by a first mortgage on the upper upscale, 242-room Affinia Dumont. Proceeds from the loan will be used for general business purposes.
“We are very happy with the completion of this debt financing and our continued ability to access the debt markets at extremely attractive terms,” said Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust. “This transaction further strengthens our balance sheet and we remain well positioned for growth opportunities in the marketplace.”
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 26 hotels, including 20 wholly owned hotels with a total of 4,960 guest rooms and a 49% joint venture interest in six hotels with a total of 1,733 guest rooms. The Company owns, or has an ownership interest in, hotels located in ten states and the District of Columbia, across 16 markets: Los Angeles, California; San Diego, California; San Francisco, California; Santa Monica, California; West Hollywood, California; Miami, Florida; Buckhead, Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Portland, Oregon; Philadelphia, Pennsylvania; Columbia River Gorge, Washington; Seattle, Washington; and Washington, DC. For more information, please visit www.pebblebrookhotels.com.
About Denihan Hospitality Group
Denihan Hospitality Group is a privately-held, full-service hotel management and development company that owns and/or operates 14 boutique hotels in major urban markets in the U.S. Over the past 50 years, the Denihan family has built a world-class lodging investment platform within the boutique hotel space, creating value by acquiring, repositioning and managing independent hotels. More details can be found at www.denihan.com.
This press release contains a “forward-looking statement” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995 with regard to the anticipated use of proceeds. 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. No assurance can be given that the net proceeds of the loan will be used as indicated.
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 may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.
All information in this release is as of April 4, 2013. Except as required by law, the Company undertakes no duty to update the statements in this release to conform the forward-looking 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