Pebblebrook Hotel Trust of Bethesda, Md., late last week filed a $500 million shelf registration to sell additional shares of its common stock to the public, a sign that the hotel industry thinks the worst may be over for the sector.
Processing Content
Pebblebrook's specialty, though, is what it calls the "upper upscale" segment of the market, in particular, hotel properties in coastal areas, especially destination resorts.
The publicly traded REIT has a market capitalization of roughly $831 million. At yearend it owned eight hotels with 2,300 rooms. The company was formed in 2009.
It plans to use the money for future investments and/or paying down debt.
Pebblebrook currently has 39.8 million common shares outstanding, but has not issued any preferred shares.
