[The loan has a term of seven years and is secured by a first mortgage on the Companys 450-room Westin Gaslamp Quarter in San Diego, California]
Online PR News – 03-January-2013 – Las Vegas, NV – Pebblebrook Hotel Trust (NYSE: PEB) PEB (Pebblebrook) previously reported that it has successfully executed a new $81.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed annual interest rate of 3.69 percent. The loan has a term of seven years and is secured by a first mortgage on the Companys 450-room Westin Gaslamp Quarter in San Diego, California. Proceeds from the loan will be used to fund future acquisitions and for general business purposes. Pebblebrook Hotel Trust (NYSE: PEB) 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 25 hotels, including 19 wholly owned hotels with a total of 4,615 guest rooms and a 49% joint venture interest in six hotels with a total of 1,733 guest rooms. The Company owns, or has an ownership interest in, hotels located in ten states and the District of Columbia, including 16 markets: Los Angeles, California; San Diego, California; San Francisco, California; Santa Monica, California; West Hollywood, California; Miami, Florida; Buckhead, Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Portland, Oregon; Philadelphia, Pennsylvania; Columbia River Gorge, Washington; Seattle, Washington; and Washington, DC. For more information, please visit www.pebblebrookhotels.com. In my opinion this is a stock to watch! (Read Full Disclaimer at http://crwepicks.com/disclaimer).