Pebblebrook Hotel Trust Completes $140 Million Refinancing of Margaritaville Hollywood Beach Resort
- The Company refinanced its mortgage loan on Margaritaville Hollywood Beach Resort, securing a $140.0 million loan with a fixed interest rate of 7.0% for three years, extending debt maturities and preserving liquidity for debt paydowns and strategic opportunities.
- The effective weighted average interest rate of the Company's total outstanding debt and convertible notes is approximately 4.3%, with 78% of the debt at fixed interest rates.
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“We are extremely pleased with the favorable terms of this loan in a challenging financing market,” said Raymond D. Martz, Co-President and Chief Financial Officer for Pebblebrook Hotel Trust. “This refinancing extends our debt maturities and preserves additional liquidity for debt paydowns and other strategic opportunities.”
Wells Fargo Securities, LLC served as the Sole Lead Arranger in forming a syndicate of lenders for the financing, and Wells Fargo Bank, NA will serve as Administrative Agent.
As a result of the Margaritaville Hollywood refinancing, the effective weighted average interest rate of the Company’s total outstanding debt and convertible notes is approximately
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in
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Raymond D. Martz
Co-President and Chief Financial Officer
Pebblebrook Hotel Trust
(240) 507-1330
Source: Pebblebrook Hotel Trust