Key Developments: Pebblebrook Hotel Trust (PEB)

PEB on New York Consolidated

46.88USD
26 Dec 2014
Price Change (% chg)

$0.34 (+0.73%)
Prev Close
$46.54
Open
$46.62
Day's High
$47.02
Day's Low
$46.43
Volume
196,169
Avg. Vol
550,951
52-wk High
$47.02
52-wk Low
$29.21

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Latest Key Developments (Source: Significant Developments)

Pebblebrook Hotel Trust acquires Revere Hotel Boston Common in Boston, Massachusetts
Thursday, 18 Dec 2014 04:01pm EST 

Pebblebrook Hotel Trust:Acquires the Revere Hotel Boston Common (Revere Hotel), an attached 826-space parking garage and an adjacent land parcel for $260.4 mln.The 356-room hotel is located in the heart of the historic Theater District of downtown Boston, Massachusetts.In addition to the acquisition of the hotel and parking garage, the Company also purchased an adjacent 3,181 square foot vacant land parcel located at 212 Stuart Street.This land parcel offers a potential development opportunity that the Company will evaluate to determine optimal development utilization in the future.  Full Article

Pebblebrook Hotel Trust declares dividends for fourth quarter 2014
Monday, 15 Dec 2014 07:30am EST 

Pebblebrook Hotel Trust:Declares, a quarterly cash dividend of $0.23 per common share of beneficial interest, to be paid on Jan. 15, 2015 to shareholders of record as of Dec. 31.Common dividend represents an annualized yield of about 2.1 pct based on closing price of common shares on Dec. 12.Also declares, a regular quarterly cash dividend of $0.4921875 per share of company's 7.875 pct Series A Cumulative Redeemable Preferred Shares of Beneficial Interest.A regular quarterly cash dividend of $0.50 per share of company's 8.00 pct Series B Cumulative Redeemable Preferred Shares of Beneficial Interest.A regular quarterly cash dividend of $0.40625 per share of company's 6.50 pct Series C Cumulative Redeemable Preferred Shares of Beneficial Interest.Each of which will be paid on Jan. 15, 2015 to shareholders of record as of Dec. 31.  Full Article

Pebblebrook Hotel trust acquires Union Station Hotel in Nashville, Tennessee
Thursday, 11 Dec 2014 09:00am EST 

Pebblebrook Hotel Trust:Acquires Union Station Hotel, Autograph Collection for $52.3 mln.The 125-room iconic historic landmark hotel is located on Broadway, in the center of downtown Nashville, Tennessee.Property will maintain its association with Marriott's Autograph Collection and will be operated by Sage Hospitality.  Full Article

Pebblebrook Hotel Trust acquires hotel palomar Los Angeles - Westwood
Thursday, 20 Nov 2014 04:15pm EST 

Pebblebrook Hotel Trust:Announced that it has acquired the Hotel Palomar Los Angeles - Westwood ("Hotel Palomar") for $78.7 mln.Says the 264-room, upper upscale, full-service boutique hotel is located in the Westwood neighborhood of Los Angeles, California.  Full Article

Pebblebrook Hotel Trust acquires The Westin Colonnade Coral Gables in Miami, Florida
Wednesday, 12 Nov 2014 04:01pm EST 

Pebblebrook Hotel Trust:Announces that it has acquired The Westin Colonnade Coral Gables for $59.4 million.Says the 157-room upper-upscale hotel is located in Miami on Miracle Mile in the heart of Coral Gables, Florida.  Full Article

Pebblebrook Hotel Trust announces exercise of underwriter's option to purchase additional shares and subsequent closing of public offering of common shares
Thursday, 30 Oct 2014 04:05pm EDT 

Pebblebrook Hotel Trust:Closes public follow-on offering of 3,680,000 of its common shares, including 480,000 common shares issued pursuant to the full exercise of the underwriter's option to purchase additional common shares, for net proceeds of about $146.2 mln, after deducting estimated offering-related expenses.Net proceeds will be used for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the Company's investment strategy and reducing the debt.Wells Fargo Securities was the sole book-running manager for the offering.  Full Article

Pebblebrook Hotel Trust announces public offering of 3,200,000 common shares
Monday, 27 Oct 2014 04:08pm EDT 

Pebblebrook Hotel Trust:Intends to issue 3,200,000 of its common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering.Underwriter has been granted a 30-day option to purchase up to an additional 480,000 common shares.Offering is expected to close on Oct. 30.Company expects to contribute the net proceeds from the offering to Pebblebrook Hotel, L.P., its operating partnership, which will use the net proceeds (after expenses) for general corporate purposes.Wells Fargo Securities is serving as the sole book-running manager for the offering.  Full Article

Pebblebrook Hotel Trust gives Q4 2014 earnings outlook below analysts' estimates; raises FY 2014 Same-Property RevPAR outlook; lowers FY 2014 earnings outlook
Thursday, 23 Oct 2014 04:08pm EDT 

Pebblebrook Hotel Trust:Expects Q4 2014 Same-Property RevPAR growth rate of 5.00pct to 6.00pct.Expects Q4 2014 adjusted EBITDA of $45.2 to $47.2 million.Expects Q4 2014 adjusted FFO per diluted share of $0.38 to $0.41.Expects FY 2014 net income of $41.4 to $43.4 million.Expects FY 2014 net income per diluted share of $0.63 to $0.66.Expects FY 2014 adjusted EBITDA of $191.6 to $193.6 million.Expects FY 2014 adjusted FFO per diluted share of $1.87 to $1.90.Expects FY 2014 Same-Property RevPAR growth rate of 8.25pct to 8.75pct.Q4 2014 EBITDA of $49.8 million and FFO of $0.48 - Thomson Reuters I/B/E/S.FY 2014 net income of $52 million, EPS of $0.69, EBITDA of $192 million and FFO of $1.93 - Thomson Reuters I/B/E/S.  Full Article

Pebblebrook Hotel Trust completes $600 mln credit facility
Friday, 17 Oct 2014 08:00am EDT 

Pebblebrook Hotel Trust:Announces that it has successfully amended and restated its senior unsecured revolving credit facility.The amended credit facility has been increased to $600 mln and is composed of $300 mln unsecured revolving credit facility, an extension of company's existing $100 mln unsecured term loan, and 180-day option to draw down an additional $200 mln in unsecured term loan proceeds.The pricing on amended credit facility has been significantly reduced, the revolving credit facility now matures in Jan. 2019 with options to extend the maturity date to Jan. 2020, and term loan now matures in Jan. 2020.Company's $600 mln unsecured credit facility is led by Bank of America Merrill Lynch. Bank of America, N.A. serves as Administrative Agent.Says U.S. Bank National Association serves as Syndication Agent and Raymond James Bank, N.A., Regions Bank and Wells Fargo Bank, National Association serve as Documentation Agents.Says following banks are also participants in credit facility: Citigroup Global Markets, Inc., PNC Bank, National Association, Capital One, N.A., Citizens Bank, Branch Banking and Trust Company, and Sumitomo Mitsui Banking Corporation.  Full Article

Pebblebrook Hotel Trust closes public offering
Tuesday, 30 Sep 2014 04:01pm EDT 

Pebblebrook Hotel Trust:Has sold 1,000,000 shares of its 6.50 pct Series C Cumulative Redeemable Preferred Shares at a public offering price of $25.00 per share.The 1,000,000 shares are an additional issuance of, will form a single series with, and will have the same terms as the Series C Preferred Shares initially issued by the company in an underwritten public offering in March 2013.Giving effect to this sale, there are currently 5,000,000 Series C Preferred Shares outstanding.Total net proceeds to the company were about $24.5 million.Wells Fargo Securities was the sole underwriter of the offering.  Full Article

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