Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Pebblebrook Hotel Trust | w81949e8vk.htm |
| EX-8.1 - EX-8.1 - Pebblebrook Hotel Trust | w81949exv8w1.htm |
| EX-1.1 - EX-1.1 - Pebblebrook Hotel Trust | w81949exv1w1.htm |
| EX-5.1 - EX-5.1 - Pebblebrook Hotel Trust | w81949exv5w1.htm |
Exhibit 99.1
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2 Bethesda Metro Center, Suite 1530, Bethesda, MD 20814 T: (240) 507-1300, F: (240) 396-5626 |
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| News Release |
Pebblebrook Hotel Trust Prices Public Offering of 7.875% Series A
Cumulative Redeemable Preferred Shares
Cumulative Redeemable Preferred Shares
Bethesda, MD, March 8, 2011 — Pebblebrook Hotel Trust
(NYSE: PEB) (the “Company”) announced that it has priced an underwritten public offering of
5,000,000 shares of its 7.875% Series A Cumulative Redeemable Preferred Shares (the “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 March 11, 2011.
The Company will contribute the net proceeds of the offering to its operating partnership,
which will use the net proceeds to invest in hotel properties in accordance with the Company’s
investment strategy and for general business purposes.
Wells Fargo Securities, BofA Merrill Lynch and Raymond James are the joint book-running
managers of the offering. Citi and RBC Capital Markets are acting as senior co-managers and Baird,
Janney Montgomery Scott and Morgan Keegan are acting as co-managers.
Copies of the preliminary prospectus supplement, final prospectus supplement (when available)
and base prospectus relating to the Preferred Shares may be obtained by calling Wells Fargo
Securities, LLC toll-free at 1-800-326-5897, Merrill Lynch, Pierce, Fenner & Smith Incorporated
toll-free at 1-800-294-1322 or Raymond James & Associates, Inc. toll free at 1-800-248-8863. 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 organized to
opportunistically acquire and invest primarily in upper-upscale, full-service hotels located in
large urban and resort markets with an emphasis on the major coastal cities. The Company owns nine
hotels with a total of 2,552 guest rooms in six states and the District of Columbia, including San
Francisco, California; Washington, D.C.; Santa Monica, California; Minneapolis, Minnesota;
Bethesda, Maryland; Buckhead, Georgia; Stevenson, Washington; and Philadelphia, Pennsylvania.
This press release contains certain “forward-looking” statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and other federal securities laws. These
forward-looking statements are based upon the Company’s expectations, but these statements are not
guaranteed to occur. 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.
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Contact:
Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust — (240) 507-1330
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