Pebblebrook Hotel Trust plans issuance of series C cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, March 11 - Pebblebrook Hotel Trust intends to sell series C cumulative redeemable preferred shares, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Raymond James & Associates Inc. and Citigroup Global Markets Inc. are the joint bookrunners. Baird and Stifel Nicolaus & Co. are the co-managers.

Dividends will be payable on the 15th day of January, April, July and October, beginning April 15. The shares become redeemable in March 2018 or in the event of a change of control.

The company will apply to list the new preferreds on the New York Stock Exchange under the ticker symbol "PEBPC."

Proceeds from the offering will be contributed to the operating partnership, which will then use the funds for general corporate purposes, including acquiring and investing in hotel properties and reducing debt.

Pebblebrook is a Bethesda, Md.-based real estate investment trust focused on hotel management.

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