Pebblebrook Hotel Trust Refinances Hotel Sofitel Philadelphia

PHILADELPHIA-Pebblebrook Hotel Trust, a real estate investment trust based in Bethesda, Maryland, has refinanced the loan on the 306-room Hotel Sofitel Philadelphia.

By GlobeSt News Hub | May 23, 2012 at 01:01 AM

PHILADELPHIA-Pebblebrook Hotel Trust, a real estate investment trust based in Bethesda, Maryland, has refinanced the loan on the 306-room Hotel Sofitel Philadelphia. The REIT arranged $50 million in nonrecourse secured loan for the hotel at 120 S. 17th St.

Pebblebrook secured the new five-year loan from PNC Bank. The firm will use the proceeds to pay the outstanding balance on credit facility, to fund further acquisitions and for other corporate purposes. For the full story, go to Philadelphia Business Journal .

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