Pebblebrook Hotel Trust 8-K, filed Jun 11, 2021
Pebblebrook Hotel Trust (PEB)
8-K
2021-06-11
For: 2021-06-10
View Original
Added on
April 08, 2026
About this 8-K
Pebblebrook Hotel Trust filed this 8-K on June 11, 2021, reporting on events of June 10, 2021.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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): June 10, 2021
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
| of incorporation) | File Number) | Identification No.) | ||||||||||||
| (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:
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 June 11, 2021, Pebblebrook Hotel Trust (the "Company") issued a press release announcing that on June 10, 2021, it closed on the sale of its leasehold interest in the 194-room The Roger New York in New York, NY for $19.0 million to a third party. The Roger New York is subject to a ground lease with approximately 23 years remaining on its term. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.
Item 8.01. Other Events.
On June 10, 2021, the Company closed on the sale of its leasehold interest in the 194-room The Roger New York in New York, NY for $19.0 million to a third party. Net proceeds from the sale will be utilized for general business purposes, which may include reducing the Company’s outstanding debt and/or acquiring and investing in hotel properties in accordance with the Company’s investment strategy.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| Press release, issued June 11, 2021, regarding the sale of The Roger New York | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
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 | |||||||||||
| June 11, 2021 | By: | /s/ Raymond D. Martz | |||||||||
| Name: | Raymond D. Martz | ||||||||||
| Title: | Executive Vice President, Chief Financial Officer, Treasurer and Secretary | ||||||||||
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 Sale of The Roger New York
Bethesda, MD, June 11, 2021 – Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that on June 10, 2021, it closed on the sale of its leasehold interest in the 194-room The Roger New York in New York, NY for $19.0 million to a third party. The Roger New York is subject to a ground lease with approximately 23 years remaining on its term.
Proceeds from the sale of The Roger New York will be utilized for general business purposes, which may include reducing the Company’s outstanding debt and/or acquiring and investing in hotel properties in accordance with the Company’s investment strategy.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 51 hotels, totaling approximately 12,600 guest rooms across 13 urban and resort markets with a focus on the west coast gateway cities. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.
###
Contacts:
Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330
For additional information or to receive press releases via email, please visit our website at
www.pebblebrookhotels.com
| Pebblebrook Hotel Trust | |||||||||||||||||||||||||||||
| Historical Operating Data | |||||||||||||||||||||||||||||
| ($ in millions, except ADR and RevPAR) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Historical Operating Data: | |||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
| 2019 | 2019 | 2019 | 2019 | 2019 | |||||||||||||||||||||||||
| Occupancy | 75% | 87% | 87% | 79% | 82% | ||||||||||||||||||||||||
| ADR | $250 | $269 | $264 | $246 | $258 | ||||||||||||||||||||||||
| RevPAR | $188 | $233 | $230 | $193 | $211 | ||||||||||||||||||||||||
| Hotel Revenues | $313.9 | $389.2 | $382.3 | $337.4 | $1,422.8 | ||||||||||||||||||||||||
| Hotel EBITDA | $85.0 | $142.6 | $133.0 | $97.9 | $458.6 | ||||||||||||||||||||||||
| Hotel EBITDA Margin | 27.1% | 36.6% | 34.8% | 29.0% | 32.2% | ||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
| 2020 | 2020 | 2020 | 2020 | 2020 | |||||||||||||||||||||||||
| Occupancy | 56% | 3% | 20% | 21% | 25% | ||||||||||||||||||||||||
| ADR | $248 | $264 | $216 | $195 | $231 | ||||||||||||||||||||||||
| RevPAR | $139 | $9 | $44 | $41 | $58 | ||||||||||||||||||||||||
| Hotel Revenues | $240.1 | $22.0 | $76.9 | $74.0 | $413.1 | ||||||||||||||||||||||||
| Hotel EBITDA | $37.4 | ($38.7) | ($16.9) | ($17.5) | ($35.6) | ||||||||||||||||||||||||
| Hotel EBITDA Margin | 15.6% | (175.9%) | (22.0%) | (23.6%) | (8.6%) | ||||||||||||||||||||||||
| First Quarter | |||||||||||||||||||||||||||||
| 2021 | |||||||||||||||||||||||||||||
| Occupancy | 20% | ||||||||||||||||||||||||||||
| ADR | $239 | ||||||||||||||||||||||||||||
| RevPAR | $47 | ||||||||||||||||||||||||||||
| Hotel Revenues | $83.5 | ||||||||||||||||||||||||||||
| Hotel EBITDA | ($14.2) | ||||||||||||||||||||||||||||
| Hotel EBITDA Margin | (17.0%) | ||||||||||||||||||||||||||||
| These historical hotel operating results include information for all of the hotels the Company owned as of June 10, 2021, following the sale of The Roger New York. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding. The information above has not been audited and has been presented only for comparison purposes. | |||||||||||||||||||||||||||||