The loan has a term of seven years and is secured by a first mortgage on the company’s 450-room Westin Gaslamp Quarter in San Diego, California.
BETHESDA, Md. – Pebblebrook Hotel Trust announced that it has successfully executed a new $81.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed annual interest rate of 3.69 percent. The loan has a term of seven years and is secured by a first mortgage on the company’s 450-room Westin Gaslamp Quarter in San Diego, California. Proceeds from the loan will be used to fund future acquisitions and for general business purposes.
“We are extremely pleased with the terms and execution of this debt financing, and our continued ability to access the debt markets to reap the benefits of the very attractive interest rate environment,” stated Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust.
“Our balance sheet remains strong, and we continue to be well capitalized to take advantage of acquisition opportunities in the marketplace.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
