Pebblebrook gets $50 million secured loan to pay down credit facility

By Marisa Wong

Madison, Wis., May 22 - Pebblebrook Hotel Trust entered into a new $50 million secured loan with PNC Bank, NA on May 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The loan has a fixed interest rate of 3.9% and matures on May 20, 2017.

The loan is secured by the Sofitel Philadelphia hotel in Philadelphia.

According to a company press release, borrowings will be used to pay down the outstanding balance on the company's $200 million senior unsecured credit facility, to fund future acquisitions and for general business purposes.

Pebblebrook is a Bethesda, Md.-based real estate investment trust focused on acquiring and investing in upper-upscale full-service hotels.

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