Pebblebrook Hotel Trust Completes $140 Million Refinancing of Margaritaville Hollywood Beach Resort
11 Septiembre 2023 - 6:00AM
Business Wire
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today
announced that on September 7, 2023, it successfully refinanced its
mortgage loan on the 369-room Margaritaville Hollywood Beach Resort
(“Margaritaville Hollywood”) in Hollywood, Florida.
The $140.0 million secured loan has a three-year initial term
with two one-year extension options, subject to the satisfaction of
certain conditions. The Company executed interest rate swaps to
establish a fixed interest rate of 7.0% throughout the loan's
duration. The payoff of the remaining $21.5 million of the
previously existing $161.5 million CMBS loan secured by the resort
was funded by the Company’s cash on hand.
“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 4.3%, with
78% of the Company’s debt at fixed interest rates and 22% at
floating interest rates.
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 47
hotels, totaling approximately 12,200 guest rooms across 13 urban
and resort markets. For more information, visit
www.pebblebrookhotels.com and follow us at @PebblebrookPEB.
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Raymond D. Martz Co-President and Chief Financial Officer
Pebblebrook Hotel Trust (240) 507-1330
Pebblebrook Hotel (NYSE:PEB)
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