Maryland USA-based lodging REIT Pebblebrook Hotel Trust (NYSE: PEB) said it has priced a public follow-on offering of 2.2m of its common shares of beneficial interest for expected approximate gross proceeds of USD 65.34m before expenses.
The underwriter has been granted a 30-day option to purchase up to an additional 330,000 common shares. The offering is expected to close on or about November 6, 2013, subject to customary closing conditions.
BofA Merrill Lynch (NYSE: BAC) is serving as the sole book-running manager for the offering.
The company expects to contribute the net proceeds from the offering to Pebblebrook Hotel, LP, 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.
Pebblebrook Hotel Trust owns 28 hotels, including 22 wholly owned hotels with a total of 5,191 guest rooms and a 49% joint venture interest in six hotels with a total of 1,733 guest rooms.
Find out more at www.pebblebrookhote,ls.com.