BETHESDA, Md.--(BUSINESS WIRE)--Pebblebrook Hotel Trust (NYSE: PEB) announced that it successfully exercised the accordion feature of its existing senior unsecured revolving credit facility, upsizing the total capacity by $200 million, to a total of $650 million of availability. The upsized availability provides for additional capacity and flexibility for Pebblebrook in anticipation of the merger with LaSalle Hotel Properties (NYSE:LHO), which is expected to close on November 30, 2018.
The accordion’s terms, pricing and covenants are the same as those for the Company’s current outstanding senior unsecured revolving credit facility.
“We are appreciative of the continued support from our bank group as we move towards finalizing our merger with LaSalle, which has received all necessary shareholder approvals,” commented Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust. “Following the completion of this merger, Pebblebrook will be the largest owner of independent and lifestyle hotels in the country. Our increased credit facility and our expanded and enhanced bank group will provide the additional debt capacity to support our long-term strategic goals and future growth opportunities.”
The Company’s $650 million senior unsecured revolving credit facility matures in January 2023 and is jointly led by Bank of America Merrill Lynch and U.S. Bank National Association. Bank of America, N.A. serves as the Administrative Agent; U.S. Bank National Association serves as the Syndication Agent and Raymond James Bank, N.A.; Regions Bank and Wells Fargo Bank, National Association serve as Documentation Agents. Bank of Montreal; The Bank of Nova Scotia; Branch Banking and Trust Company; Capital One, National Association; Citigroup Global Markets, Inc.; Compass Bank; PNC Bank, National Association; Sumitomo Mitsui Banking Corporation; SunTrust Bank and TD Bank, National Association also participate in the Credit Facility.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. The Company owns 28 hotels, with a total of 6,973 guest rooms. The Company owns hotels located in 9 states and the District of Columbia, including: Los Angeles, California (Beverly Hills, Santa Monica and West Hollywood); San Diego, California; San Francisco, California; Washington, DC; Coral Gables, Florida; Naples, Florida; Buckhead, Georgia; Boston, Massachusetts; Minneapolis, Minnesota; Portland, Oregon; Philadelphia, Pennsylvania; Nashville, Tennessee; Columbia River Gorge, Washington; and Seattle, Washington. For more information, please visit us at www.pebblebrookhotels.com and follow us on Twitter at @PebblebrookPEB.
