Pebblebrook Hotel Trust is a publicly traded REIT that owns urban and resort lifestyle hotels in U.S. markets. Company news regularly covers hotel operating results, RevPAR and same-property hotel EBITDA trends, portfolio repositioning and rebranding projects, dividends on common and preferred shares, tax treatment of distributions, and debt refinancing or credit-facility activity.
Updates also address market-level demand conditions across urban and resort locations, capital investments, asset dispositions, operating initiatives in food and beverage and other hotel revenue streams, and corporate governance or shareholder matters affecting the trust.
Pebblebrook Hotel Trust (NYSE: PEB) has declared a quarterly cash dividend of $0.01 per common share, payable on July 15, 2021 to shareholders recorded by June 30, 2021. Additionally, dividends for preferred shares include $0.40625 for Series C, $0.39844 for Series D and E, and $0.39375 for Series F, also payable on July 15, 2021. As a leading REIT, Pebblebrook manages 51 hotels across major U.S. markets, emphasizing urban and resort lifestyle properties.
Pebblebrook Hotel Trust (NYSE: PEB) announced the sale of its leasehold interest in The Roger New York for $19.0 million to a third party. The transaction, finalized on June 10, 2021, involves a ground lease with approximately 23 years remaining. Proceeds will be used for general business purposes, including potential debt reduction and hotel property investments. Pebblebrook is the largest owner of urban and resort lifestyle hotels in the U.S., operating 51 hotels with about 12,600 guest rooms across 13 markets.
Pebblebrook Hotel Trust (NYSE: PEB) reported improving operating trends, predicting positive Adjusted EBITDA in Q2 2021. Leisure demand is strong, while business travel is recovering. The Company's liquidity is estimated at $950 million, with no significant debt maturities until Q4 2022. Pebblebrook has over $330 million for acquisitions following recent asset dispositions. Ongoing renovations across half of its portfolio are expected to enhance hotel EBITDA growth.
Additionally, Pebblebrook has a contract to sell The Roger New York for $19 million, though completion is uncertain.
Pebblebrook Hotel Trust (NYSE: PEB) announced it will report its financial and operating results for the quarter ending June 30, 2021, on July 28, 2021, after market close. A conference call to discuss the results will take place on July 29, 2021, at 10:00 AM ET. Interested participants can join the call by dialing (877) 705-6003. A live webcast will be available on the company’s website. Pebblebrook is the largest owner of urban and resort lifestyle hotels in the U.S., with 52 hotels totaling about 12,800 guest rooms across 14 urban and resort markets.
Pebblebrook Hotel Trust (NYSE: PEB) has successfully closed its public offering of 9,200,000 Series G Cumulative Redeemable Preferred Shares at $25.00 per share, generating net proceeds of approximately $222 million. The company plans to allocate these proceeds equally to debt reduction and general corporate purposes, which may include hotel property acquisitions. The offering was managed by well-known financial institutions including Raymond James and Wells Fargo Securities.
Pebblebrook Hotel Trust (NYSE: PEB) priced an underwritten public offering of 8,000,000 6.375% Series G Cumulative Redeemable Preferred Shares at $25.00 each, raising approximately $193.6 million post-expenses. The offering is expected to close on May 13, 2021. Proceeds will be split, with 50% allocated to debt reduction and 50% for general corporate purposes, including potential hotel acquisitions. The offering includes a 30-day option for underwriters to purchase an additional 1,200,000 Shares. This transaction is part of Pebblebrook's strategy to optimize its capital structure and growth opportunities.
Pebblebrook Hotel Trust (NYSE: PEB) reported a positive turnaround in Q1 2021, achieving same-property Hotel EBITDA of $1.3 million in March, the first positive result since the pandemic began. Occupancy increased from 19.3% in January to 34.8% in March, with RevPAR doubling from $43 to $85. Total corporate cash burn improved from $21 million in January-February to $12 million in March. The company has $124.6 million in cash and $767.8 million in liquidity as of March 31, 2021. The sale of the Sir Francis Drake Hotel yielded $157.6 million in proceeds, with plans for strategic reinvestment.
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Pebblebrook Hotel Trust (NYSE: PEB) announced the successful sale of the 416-room Kimpton Sir Francis Drake Hotel in San Francisco, generating net proceeds of $157.6 million as of April 1, 2021. This sale reflects an 11.8x EBITDA multiple and a 7.2% capitalization rate based on the hotel's 2019 performance. The hotel was initially purchased for $90 million in 2010, providing an 11-year internal rate of return over 12%. Proceeds will be used for general business purposes, including potential debt reduction. The company has also reopened five additional urban hotels, bringing the total to 44 of its 52 properties.
San Diego Mission Bay Resort is inviting families to enjoy a luxurious experience with a 50% discount on Best Available Rates for stays from Sunday to Thursday until April 30, 2021. This offer is part of their Stay Safe, Start Living initiative, aimed at providing a safe environment for guests recovering from the challenges of the past year. Located on Mission Bay Park, the resort boasts 357 rooms and extensive amenities, making it a prime destination for relaxation and recreation.