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Pebblebrook Hotel Trust
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.”
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