Bethesda, Md.-based Pebblebrook Hotel Trust has announced the commencement of a public offering of 4.5 million common shares of beneficial interest, par value $0.01 per share. The company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 675,000 common shares.
The company says that it will contribute the net proceeds of the offering to its operating partnership, which will use the net proceeds for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the company's investment strategy and reducing the company's debt.
Wells Fargo Securities, BofA Merrill Lynch and Raymond James are the joint book-running managers for the offering.
