Pebblebrook Hotel Trust Completes $81.0 Million, 3.69%, Secured Debt Financing
December 31, 2012 - Pebblebrook Hotel Trust (the “Company”) today announced that it has successfully executed a new $81.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed annual interest rate of 3.69 percent. The loan has a term of seven years and is secured by a first mortgage on the Company's 450-room Westin Gaslamp Quarter in San Diego, California. Proceeds from the loan will be used to fund future acquisitions and for general business purposes.
“We are extremely pleased with the terms and execution of this debt financing, and our continued ability to access the debt markets to reap the benefits of the very attractive interest rate environment,” stated Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust. “Our balance sheet remains strong, and we continue to be well capitalized to take advantage of acquisition 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 25 hotels, including 19 wholly owned hotels with a total of 4,615 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, including 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.
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