Baird served as a co-manager in this offering.
AboutPebblebrook Hotel Trust (“Pebblebrook” or the “Company”) (NYSE: PEB) recently completed a follow-on offering of 5,175,000 shares of its common stock at a price of $22.10 per share, generating gross proceeds of approximately $114.4 million. The net proceeds from this offering will be used for general corporate purposes, including acquiring and investing in hotel properties in accordance with the Company’s investment strategy and reducing the Company’s debt.
Pebblebrook 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 21 hotels, comprised of 15 wholly owned hotels, with a total of 3,920 guest rooms and a 49 percent joint venture interest in six hotels with 1,733 guest rooms. The Company owns, or has an ownership interest in, hotels located in nine states and the District of Columbia, including 14 markets: San Diego, California; San Francisco, California; Santa Monica, California; West Hollywood, California; Washington, DC; Miami, Florida; Buckhead, Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Philadelphia, Pennsylvania; Columbia River Gorge, Washington; and Seattle, Washington.
For additional information about this transaction, please contact:
- June 2012
- Pebblebrook Hotel Trust
- Real Estate
- Target Location
- North America