Pebblebrook Hotel Trust Completes $36.0 Million, 5.28 Percent, Secured Debt Financing
Pebblebrook Hotel Trust (NYSE: PEB) today announced that it has successfully executed a new $36.0 million secured loan with Goldman Sachs Commercial Mortgage Capital, L.P., at a fixed annualized interest rate of 5.28 percent and a term of five years. The loan is collateralized by a first mortgage on the Doubletree Bethesda Hotel in Bethesda, Maryland. Proceeds from the loan will be used to fund future acquisitions and for general business purposes.
With the completion of this financing, the Company has approximately $282.0 million of cash on its balance sheet. In addition, the Company has $210.6 million of debt outstanding at a weighted average annual interest rate of 4.28 percent. The Company has no outstanding balance on its $150.0 million senior secured credit facility.
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