PEBBLEBROOK HOTEL TRUST AND DENIHAN HOSPITALITY GROUP COMPLETE $50.0 MILLION, 3.14 PERCENT, SECURED DEBT FINANCING
BETHESDA, MD, APRIL 4, 2013 — 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.
[quote]?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.?[/quote]
[box type=”tick”]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.
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. [/box]