Attached files
file | filename |
---|---|
8-K - FORM 8-K - Pebblebrook Hotel Trust | w83087e8vk.htm |
Exhibit 99.1
2 Bethesda Metro Center, Suite 1530, Bethesda, MD 20814 T: (240) 507-1300, F: (240) 396-5626 www.pebblebrookhotels.com |
News Release
Pebblebrook Hotel Trust Completes $200 Million Unsecured Bank Credit Facility
Bethesda, MD, June 3, 2011 Pebblebrook Hotel Trust (NYSE: PEB) (the
Company) today announced that it has amended and restated its senior credit facility. The new
bank facility, which is now unsecured, has $200 million of availability, an increase from $150
million. In addition, the facility provides the Company with an accordion option to upsize the
available amount of the credit facility to $400 million. Pricing on the new bank facility has been
reduced and the maturity has been extended to June 3, 2014, with an option to extend to June 3,
2015. The company currently has no outstanding balance on the facility.
We are extremely pleased with the improved terms and pricing of our line, noted Raymond D.
Martz, Chief Financial Officer for Pebblebrook Hotel Trust. Our bank group continues to show
strong support for our company and our investment strategy. Our conservative balance sheet,
combined with the enhanced flexibility and capacity provided by our new facility, will enable us to
continue to capitalize on acquisition opportunities.
The Companys senior unsecured credit facility is led by Merrill Lynch, Pierce, Fenner & Smith
Incorporated. Bank of America, N.A. serves as Administrative Agent, U.S. Bank National Association
serves as Syndication Agent and Raymond James Bank, FSB serves as Documentation Agent. The
following banks are also participants in the credit facility: Citibank, N.A.; Crédit Agricole
Corporate and Investment Bank; PNC Bank, National Association; Regions Bank; Royal Bank of Canada;
Wells Fargo Bank, National Association and Capital One, N.A.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (REIT) organized
to opportunistically acquire and invest in primarily upper upscale, full-service hotels located in
large urban and resort markets with an emphasis on the major coastal cities. The company owns 13
hotels, totaling 3,576 guest rooms, in six states and the District of Columbia, including 12
markets: Bethesda, Maryland; San Francisco, California; Buckhead, Georgia; Washington, DC;
Minneapolis, Minnesota; Stevenson, Washington (near Portland, Oregon); Santa Monica, California;
Philadelphia, Pennsylvania; San Diego, California; Seattle, Washington; West Hollywood, California;
and Miami, Florida. For more information, please visit www.pebblebrookhotels.com.
This press release contains certain forward-looking statements relating to, among other
things, potential property acquisitions. 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, plan 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 or other forward-looking information. These
forward-looking statements are subject to various risks and uncertainties, many of which are beyond
the Companys control, which could cause actual results to differ materially from such statements.
These risks and uncertainties include, but are not limited to, the state of the U.S. economy and
the supply of hotel properties, and other factors as are described in greater detail in the
Companys filings with the Securities and Exchange Commission, including, without limitation, the
Companys Annual Report on Form 10-K for the year ended
December 31, 2010. Unless legally required, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information, future events or otherwise.
For further information about the Companys business and financial results, please refer to
the Managements Discussion and Analysis of Financial Condition and Results of Operations and
Risk Factors sections of the Companys 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 Companys website at www.pebblebrookhotels.com.
All information in this release is as of June 3, 2011. The Company undertakes no duty to
update the statements in this release to conform the statements to actual results or changes in the
Companys expectations.
###
Additional Contacts:
Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust (240) 507-1330
For additional information or to receive press releases via email, please visit our website at
www.pebblebrookhotels.com
www.pebblebrookhotels.com