BETHESDA, Md.--(BUSINESS WIRE)--Pebblebrook Hotel Trust (NYSE: PEB) today announced that it monetized 14 rooftop wireless leases, including the assignment of future wireless rooftop leases, through the granting of long-term easements at 11 of the Company’s properties. This transaction generated net proceeds of $12.0 million and reflects a 5.5% net income capitalization rate based on estimated 2020 operating results. In addition, the Company agreed to a strategic marketing and revenue sharing agreement for future rooftop wireless assets at the Company’s 11 hotels and resorts included in this transaction with the third-party assignee of the leases.

Proceeds from the transaction will be utilized for general business purposes, which may include reducing the Company’s outstanding debt.

Update on Fourth Quarter Operating Performance

The Company also provided an update on its fourth-quarter operating performance, which remains in-line with its prior expectations. As anticipated, the Company’s Hotel EBITDA for December 2020 was slightly lower than November 2020’s performance. Additionally, at the Company’s opened hotels, its 31 independent or small-branded hotels and resorts achieved positive Hotel EBITDA compared to the Company’s 6 major-branded hotels, which had negative Hotel EBITDA.

The Company issued an updated investor presentation on its website with additional details on fourth quarter operating performance, including improvements in liquidity and the Company’s balance sheet.

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 the United States. The Company owns 53 hotels, totaling approximately 13,200 guest rooms across 14 urban and resort markets with a focus on the west coast gateway cities. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.