BETHESDA, MD—Pebblebrook Hotel has amended andrestated its senior unsecured revolving credit facility increasingit to $600 million. The facility consists of a$300 million unsecured revolving credit facility, an extension ofits existing $100 million unsecured term loan, and a 180-day optionto draw down an additional $200 million in unsecured term loanproceeds.
The pricing on the amended credit facility was "significantlyreduced", the REIT reported, and the revolving credit facility nowmatures in January 2019 with options to extend the maturity date toJanuary 2020. The term loan now matures in January 2020.
"The amended facility also allows for further flexibilitythrough additional access to capital for capital reinvestments suchas renovations and repositionings and potential future acquisitionopportunities as they may arise," says Raymond D.Martz, Pebblebrook's CFO.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
