Pebblebrook Hotel Trust Completes Sale of 909 North Michigan Avenue Retail Parcel Adjacent to The Westin Michigan Avenue Chicago
March 20 2023 - 7:00AM
Business Wire
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today
announced that it closed on the sale of 909 North Michigan Avenue,
a 5,860 square-foot 3-tenant fully occupied high-street retail
parcel, adjacent to the Company’s Westin Michigan Avenue Chicago
for $27.3 million to a third party.
Based on the retail parcel’s net operating income for the year
ended December 31, 2022, the sales price reflected an approximately
7.7% cap rate. Proceeds from the sale will be used for general
corporate purposes, which may include reducing the Company’s
outstanding debt and repurchasing the Company’s common and
preferred shares.
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 and resorts in the United States. The
Company owns 50 hotels and resorts, totaling approximately 12,600
guest rooms across 15 urban and resort markets. For more
information, visit www.pebblebrookhotels.com and follow us at
@PebblebrookPEB.
This press release contains certain “forward-looking statements”
made pursuant to the safe harbor provisions of the Private
Securities Reform Act of 1995. Forward-looking statements are
generally identifiable by the use of forward-looking terminology
such as “estimated” and “will” or other similar words or
expressions. Forward-looking statements are based on certain
assumptions and can include future expectations, future plans and
strategies, financial and operating projections and forecasts and
other forward-looking information and estimates. The intended use
of proceeds is a forward-looking statement. These forward-looking
statements are subject to various risks and uncertainties, many of
which are beyond the Company’s control, which could cause actual
results to differ materially from such statements. These risks and
uncertainties include, but are not limited to, the state of the
U.S. economy, the operating performance of our hotels and the
supply of hotel properties, and other factors as are described in
greater detail in the Company’s filings with the Securities and
Exchange Commission, including, without limitation, the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022.
Unless legally required, the Company disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For further information about the Company’s business and
financial results, please refer to the “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and
“Risk Factors” sections of the Company’s SEC filings, including,
but not limited to, its Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, copies of which may be obtained at the
Investor Relations section of the Company’s website at
www.pebblebrookhotels.com.
All information in this press release is as of March 20, 2023.
The Company undertakes no duty to update the statements in this
press release to conform the statements to actual results or
changes in the Company’s expectations.
For additional information or to receive press
releases via email, please visit our website at
www.pebblebrookhotels.com
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version on businesswire.com: https://www.businesswire.com/news/home/20230320005166/en/
Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel
Trust - (240) 507-1330
Pebblebrook Hotel (NYSE:PEB)
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