Pebblebrook Hotel Trust lifts senior credit facility to $750 million

By Marisa Wong

Madison, Wis., May 19 – Pebblebrook Hotel Trust said it increased the capacity of its senior unsecured credit facility to $750 million from $600 million.

The increased credit facility is composed of a $450 million revolver and an existing $300 million term loan.

The company currently has $40 million outstanding on its $450 million revolver, which matures in January 2020.

The company’s $750 million credit facility is led by Bank of America Merrill Lynch. Bank of America, NA is the administrative agent, U.S. Bank NA is the syndication agent, and Raymond James Bank, NA, Regions Bank and Wells Fargo Bank, NA are documentation agents. Also participating in the credit facility are Citigroup Global Markets, Inc., PNC Bank, NA, Capital One, NA, Citizens Bank, Branch Banking and Trust Co. and Sumitomo Mitsui Banking Corp.

“We are pleased to announce the successful increase of our credit facility, which reflects the continued support of our bank group and their confidence in the company’s investment strategy,” Raymond D. Martz, chief financial officer for Pebblebrook, commented in a press release.

“The upsizing of our facility provides us with additional capacity and flexibility for our ongoing capital reinvestment projects, working capital needs and potential future acquisition opportunities.”

Pebblebrook is a Bethesda, Md.-based real estate investment trust that invests primarily in upper-upscale full-service hotels located in urban markets in major gateway cities.

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