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Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (REIT) specializing in the strategic acquisition and investment in upper-upscale, full-service hotels in prominent urban centers and gateway cities across the United States. Established to capitalize on prime hotel properties, Pebblebrook's portfolio comprises 46 hotels totaling approximately 11,924 guest rooms. The company emphasizes properties in major markets such as San Francisco, Los Angeles, Boston, New York, Miami, and Washington, DC, among others.
Pebblebrook Hotel Trust's properties are diverse, including both independent and branded luxury hotels managed under reputable names like Marriott, Starwood, InterContinental, Hilton, and Hyatt. This strategic diversification ensures a robust market presence and caters to a wide range of high-end travelers.
In December 2018, Pebblebrook notably acquired LaSalle Hotel Properties, which added 41 hotels with 10,451 rooms to its portfolio. Since then, the company has been active in refining and optimizing its portfolio through selective sales and acquisitions, focusing on enhancing the overall quality and performance of its investments.
The company recently unveiled a significant $25 million renovation at the Jekyll Island Club Resort and the Jekyll Ocean Club. This transformation highlights Pebblebrook's commitment to preserving historic assets while modernizing guest experiences. These efforts include updates to guest rooms, public spaces, and dining areas, all designed to maintain the resort's historical integrity and natural charm.
Pebblebrook Hotel Trust's strategic initiatives also extend to partnerships and collaborations aimed at boosting its market position and delivering superior guest experiences. Their focus on high-demand urban and resort markets ensures sustained growth and resilience against market fluctuations.
Financially, Pebblebrook continues to demonstrate robust performance, underpinned by strong revenue streams from its premium hotel properties. Their approach to maintaining a diverse yet coherent portfolio positions them well within the competitive landscape of luxury hospitality.
For more information about Pebblebrook Hotel Trust, including the latest updates and developments, visit their official website at www.pebblebrookhotels.com.
Pebblebrook Hotel Trust (NYSE: PEB) will report its financial results for Q1 2021 on April 29, 2021, after market close. A conference call will follow on April 30, 2021, at 9:00 AM ET. Interested participants can join by dialing (877) 705-6003 or accessing a live webcast on the company's website. Pebblebrook is the largest owner of urban and resort lifestyle hotels in the U.S., managing 53 hotels with approximately 13,200 guest rooms across 14 markets, primarily on the West Coast.
Pebblebrook Hotel Trust (NYSE: PEB) reports that 38 out of its portfolio's hotels are operational, contributing 73% of the 2019 Hotel EBITDA. The demand has softened due to seasonal factors and COVID-19, with expectations for recovery beginning in February 2021. The company experienced a monthly cash burn between $16 million to $21 million during Q4 2020 and raised $763.75 million through convertible notes to enhance liquidity. Despite a challenging 2020, the company anticipates gradual recovery in 2021, aiming for profitability in the latter half.
Pebblebrook Hotel Trust (NYSE: PEB) announced successful amendments to its debt agreements, including a $650 million senior unsecured revolving credit facility and $1.6 billion in term loans. Maturity for $21 million of debt has been extended to November 2022. The amendments waive existing financial covenants until Q1 2022, allowing flexibility for acquisitions and capital improvements. The Company can continue to pay dividends during this period. CEO Raymond Martz noted increased liquidity compared to pre-COVID levels, enhancing future investment opportunities.
Pebblebrook Hotel Trust has expanded its Curator Hotel & Resort Collection by welcoming 11 hotels from the Provenance collection, enhancing its portfolio of independent lifestyle hotels.
These properties are located in key cities across the U.S., including Portland, New Orleans, Nashville, and Palm Springs. Curator provides its members with operational efficiencies, enabling them to compete effectively while maintaining their unique identities. This strategic move aims to address the growing demand for unique travel experiences in the hospitality sector.
Melody Investment Advisors has announced an investment in Pebblebrook Hotel Trust to install cell site installations on 14 rooftops across 11 Pebblebrook hotels. This partnership includes a strategic marketing and revenue-sharing agreement, aiming to enhance revenue from underutilized rooftop assets. Pebblebrook's hotels, located in high-density areas, can provide valuable locations for the wireless industry, particularly during the 5G rollout. The collaboration is expected to bolster Pebblebrook's revenue growth through this new asset class.
Pebblebrook Hotel Trust (NYSE: PEB) has successfully completed its public offering of $250 million in 1.75% Convertible Senior Notes due 2026. This offering includes an additional $35 million from the underwriters' over-allotment option. The proceeds will enhance the company's liquidity to approximately $790 million and improve its debt maturity schedule by facilitating the paydown of about $177 million in debt due in 2021 and 2022. The Notes are convertible into shares or cash and are expected to trade interchangeably with previously issued notes.
Pebblebrook Hotel Trust (NYSE: PEB) has announced the pricing of an underwritten public offering of $215 million in 1.75% Convertible Senior Notes due 2026. The offering is set to close on February 9, 2021, with an option for underwriters to purchase an additional $35 million. The Notes will pay interest semiannually and have an initial conversion rate of 39.2549 per $1,000 principal, translating to a conversion price of approximately $25.47 per common share. The Company plans to use proceeds to cover capped call transaction costs and reduce debt.
Pebblebrook Hotel Trust (NYSE: PEB) announced a public offering of $175 million in 1.75% Convertible Senior Notes due 2026. The offering includes an over-allotment option of $25 million. The notes will be senior unsecured obligations ranking equally with existing debt, paying semiannual interest of 1.75% and maturing on December 15, 2026. The initial conversion rate is set at 39.2549 per $1,000 principal, with a conversion price of approximately $25.47 per share. Proceeds will finance capped call transactions and reduce outstanding debt.
Pebblebrook Hotel Trust (NYSE: PEB) announced a contract to sell the 416-room Sir Francis Drake hotel in San Francisco for $157.6 million, expected to be completed within 60 days. The sale reflects a 7.2% net operating income capitalization rate based on the hotel's 2019 performance, which yielded a net operating income of $11.4 million after a 4.0% capital reserve. The closing of the sale is subject to customary conditions, and the company does not guarantee completion of the transaction.
Pebblebrook Hotel Trust (NYSE: PEB) has successfully monetized 14 rooftop wireless leases, generating net proceeds of $12.0 million at a 5.5% net income capitalization rate. The company has entered a strategic marketing agreement for future rooftop assets at the involved properties. The proceeds will be used for general business purposes, including potential debt reduction. Despite slightly lower Hotel EBITDA in December 2020 compared to November, the company’s independent hotels achieved positive EBITDA, contrasting with negative results from major-branded hotels.
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