STOCK TITAN

Pebblebrook Hotel Trust Announces Closing of Public Offering of 5.700% Series H Cumulative Redeemable Preferred Shares

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Pebblebrook Hotel Trust (NYSE: PEB) has successfully completed its public offering of 10 million 5.700% Series H Cumulative Redeemable Preferred Shares at $25.00 each, raising gross proceeds of $250 million. The proceeds will be utilized to redeem the Company’s existing 6.50% Series C and 6.375% Series D Preferred Shares. The offering was managed by Wells Fargo Securities, Raymond James, and BofA Securities, among others. Pebblebrook owns 52 hotels across 14 markets, focusing on urban and resort lifestyle properties in the U.S.

Positive
  • Raised $250 million through the public offering.
  • Utilizing proceeds to redeem higher-cost preferred shares, enhancing financial efficiency.
  • Strengthening capital structure by reducing preferred share distributions.
Negative
  • Potential shareholder dilution from the issuance of new preferred shares.

Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced it has closed its previously announced underwritten public offering of 10,000,000 of its 5.700% Series H Cumulative Redeemable Preferred Shares (the “Shares”) at a public offering price of $25.00 per share for gross proceeds of $250.0 million.

The Company contributed the net proceeds from the sale of the Shares to its operating partnership. The operating partnership will use the net proceeds to redeem the Company’s outstanding 6.50% Series C Cumulative Redeemable Preferred Shares and the Company’s outstanding 6.375% Series D Cumulative Redeemable Preferred Shares.

Wells Fargo Securities, Raymond James and BofA Securities acted as the joint book-running managers of the offering. Baird and Stifel acted as the joint lead managers of the offering. PNC Capital Markets LLC and US Bancorp acted as senior co-managers. Capital One Securities, Regions Securities LLC, Scotiabank, SMBC Nikko and TD Securities acted as co-managers.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and a leading owner of urban and resort lifestyle hotels in the United States. The Company owns 52 hotels, totaling approximately 12,800 guest rooms across 14 urban and resort markets with a focus on the west coast gateway cities.

FAQ

What is the purpose of Pebblebrook Hotel Trust's recent share offering?

The offering aims to raise funds to redeem existing higher-cost preferred shares.

How much capital did Pebblebrook Hotel Trust raise from the offering?

Pebblebrook raised gross proceeds of $250 million from the offering.

What is the ticker symbol for Pebblebrook Hotel Trust?

The ticker symbol for Pebblebrook Hotel Trust is PEB.

Who managed the Pebblebrook Hotel Trust offering?

The offering was managed by Wells Fargo Securities, Raymond James, and BofA Securities, among others.

What types of shares did Pebblebrook Hotel Trust issue?

Pebblebrook issued 5.700% Series H Cumulative Redeemable Preferred Shares.

Pebblebrook Hotel Trust

NYSE:PEB

PEB Rankings

PEB Latest News

PEB Stock Data

1.65B
117.26M
1.97%
120.94%
13.36%
REIT - Hotel & Motel
Real Estate Investment Trusts
Link
United States of America
BETHESDA