PHILADELPHIA-Pebblebrook Hotel Trust, a real estate investmenttrust based in Bethesda, Maryland, has refinanced the loan on the306-room Hotel Sofitel Philadelphia. The REIT arranged $50 millionin nonrecourse secured loan for the hotel at 120 S. 17th St.
Pebblebrook secured the new five-year loan from PNC Bank. Thefirm will use the proceeds to pay the outstanding balance on creditfacility, to fund further acquisitions and for other corporatepurposes. For the full story, go to Philadelphia Business Journal .
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