8-K - PEB - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 7, 2023

PEBBLEBROOK HOTEL TRUST

(Exact name of registrant as specified in its charter)

Maryland	001-34571	27-1055421
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)
4747 Bethesda Avenue, Suite 1100, Bethesda, Maryland	20814
---	---
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (240) 507-1300

Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $0.01 par value per share	PEB	New York Stock Exchange
Series E Cumulative Redeemable Preferred Shares, $0.01 par value	PEB-PE	New York Stock Exchange
Series F Cumulative Redeemable Preferred Shares, $0.01 par value	PEB-PF	New York Stock Exchange
Series G Cumulative Redeemable Preferred Shares, $0.01 par value	PEB-PG	New York Stock Exchange
Series H Cumulative Redeemable Preferred Shares, $0.01 par value	PEB-PH	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

On September 11, 2023, Pebblebrook Hotel Trust (the “Company”) issued a press release announcing the refinancing of a loan secured by the 369-room Margaritaville Hollywood Beach Resort located in Hollywood, Florida (the “Resort”).

Item 8.01. Other Events.

On September 7, 2023, the Company refinanced the $161.5 million loan assumed in connection with the Company’s acquisition of the Resort on September 23, 2021 (the “CMBS Loan”). The Company paid off the entire balance of the CMBS Loan with proceeds from a new $140.0 million loan secured by a first-lien leasehold mortgage on the Resort and $21.5 million of available cash. The new loan has an initial term of three years and two one-year extension options.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press release issued on September 11, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PEBBLEBROOK HOTEL TRUST
September 11, 2023	By:	/s/ Raymond D. Martz
		Name:	Raymond D. Martz
		Title:	Co-President, Chief Financial Officer, Treasurer and Secretary

Document

Exhibit 99.1

4747 Bethesda Avenue, Suite 1100, Bethesda, MD 20814

T: (240) 507-1300, F: (240) 396-5626

www.pebblebrookhotels.com

News Release

Pebblebrook Hotel Trust Completes $140 Million Refinancing of Margaritaville Hollywood Beach Resort

Bethesda, MD, September 11, 2023 – Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that on September 7, 2023, it successfully refinanced its mortgage loan on the 369-room Margaritaville Hollywood Beach Resort (“Margaritaville Hollywood”) in Hollywood, Florida.

The $140.0 million secured loan has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The Company executed interest rate swaps to establish a fixed interest rate of 7.0% throughout the loan's duration. The payoff of the remaining $21.5 million of the previously existing $161.5 million CMBS loan secured by the resort was funded by the Company’s cash on hand.

“We are extremely pleased with the favorable terms of this loan in a challenging financing market,” said Raymond D. Martz, Co-President and Chief Financial Officer for Pebblebrook Hotel Trust. “This refinancing extends our debt maturities and preserves additional liquidity for debt paydowns and other strategic opportunities.”

Wells Fargo Securities, LLC served as the Sole Lead Arranger in forming a syndicate of lenders for the financing, and Wells Fargo Bank, NA will serve as Administrative Agent.

As a result of the Margaritaville Hollywood refinancing, the effective weighted average interest rate of the Company’s total outstanding debt and convertible notes is approximately 4.3%, with 78% of the Company’s debt at fixed interest rates and 22% at floating interest rates.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 47 hotels, totaling approximately 12,200 guest rooms across 13 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.

Contact:

Raymond D. Martz, Co-President and Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330

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