Pebblebrook Hotel Trust Announces Exercise of Underwriters’ Overallotment Option and Closing of Public Offering of 6.50% Series C Cumulative Redeemable Preferred Shares Business Wire BETHESDA, Md. -- April 15, 2013 Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced the full exercise of the underwriters' overallotment option and the sale of an additional 400,000 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest of the Company (“Series C Preferred Shares”). The overallotment option was granted in connection with the Company's underwritten public offering of 3,600,000 Series C Preferred Shares which priced on March 11, 2013 and closed on March 18, 2013. The Series C Preferred Shares are listed on the New York Stock Exchange under the symbol “PEBPrC.” The aggregate of 4,000,000 Series C Preferred Shares were sold at a public offering price of $25.00 per share. Total net proceeds, after deducting the underwriting discount and estimated offering-related costs were approximately $97.0 million. The Company will contribute the net proceeds from the sale of the shares to its operating partnership. The operating partnership will use the proceeds for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the Company’s investment strategy and reducing the Company’s debt. Raymond James and Citigroup were the joint book-running managers of the offering. Baird and Stifel acted as co-managers. 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 26 hotels, including 20 wholly owned hotels with a total of 4,960 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, across 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. All information in this release is as of April 15, 2013. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company’s expectations. Contact: Pebblebrook Hotel Trust Raymond D. Martz, 240-507-1330 Chief Financial Officer
Pebblebrook Hotel Trust Announces Exercise of Underwriters’ Overallotment Option and Closing of Public Offering of 6.50%
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