Pebblebrook Hotel Trust Completes $81.0 Million, 3.69 Percent, Secured Debt Financing
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has successfully executed a new $81.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed annual interest rate of 3.69 percent. The loan has a term of seven years and is secured by a first mortgage on the Company's 450-room Westin Gaslamp Quarter in San Diego, California. Proceeds from the loan will be used to fund future acquisitions and for general business purposes.
“We are extremely pleased with the terms and execution of this debt financing, and our continued ability to access the debt markets to reap the benefits of the very attractive interest rate environment,” stated Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust. “Our balance sheet remains strong, and we continue to be well capitalized to take advantage of acquisition opportunities in the marketplace.”
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.