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Published on : Friday, November 1, 2013
Pebblebrook Hotel Trust (the “Company”) (NYSE: PEB) announced today that it intends to issue 2,200,000 of its common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering. The underwriter may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The underwriter will be granted a 30-day option to purchase up to an additional 330,000 common shares. The offering is expected to close on November 6, 2013, subject to customary closing conditions.
The Company expects to contribute the net proceeds from the offering to Pebblebrook Hotel, L.P., its operating partnership, which will use the net proceeds (after expenses) for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the Company’s investment strategy.
BofA Merrill Lynch is serving as the sole book-running manager for the offering. A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, email: firstname.lastname@example.org. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer or sale will be made only by means of the written prospectus forming part of the effective registration statement.
Source:- Pebblebrook Hotel Trust