Pebblebrook Hotel Trust Executes Contract to Sell Hotel Zoe Fisherman’s Wharf
2023年10月16日 - 8:00PM
ビジネスワイヤ(英語)
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced
today that it executed a contract to sell the 221-room Hotel Zoe
Fisherman’s Wharf in San Francisco, California for $68.5 million to
a third party. The property sale is subject to normal closing
conditions. The Company offers no assurances that the sale will be
completed on these terms or at all. The sale is targeted to be
completed later in the fourth quarter of 2023.
For the trailing twelve months ended September 30, 2023, the
hotel’s net loss is estimated at ($1.2) million, its net operating
income is estimated at $2.2 million, and its earnings before
interest, taxes, depreciation and amortization (“EBITDA”) is
estimated at $2.7 million. The $68.5 million sales price reflects a
25.0x EBITDA multiple and a 3.2% net operating income
capitalization rate (assuming a capital reserve of 4.0% of total
hotel revenues).
Proceeds from the sale of Hotel Zoe Fisherman’s Wharf will be
used for general corporate purposes, including reducing the
Company’s outstanding debt and repurchasing the Company’s common
and preferred shares.
About Pebblebrook Hotel
Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real
estate investment trust (“REIT”) and the largest owner of urban and
resort lifestyle hotels in the United States. The Company owns 47
hotels, totaling approximately 12,200 guest rooms across 13 urban
and resort markets. For more information, visit
www.pebblebrookhotels.com and follow us at @PebblebrookPEB.
This press release contains certain “forward-looking statements”
made pursuant to the safe harbor provisions of the Private
Securities Reform Act of 1995. Forward-looking statements are
generally identifiable by the use of forward-looking terminology
such as “estimated” and “will” or other similar words or
expressions. Forward-looking statements are based on certain
assumptions and can include future expectations, future plans and
strategies, financial and operating projections and forecasts and
other forward-looking information and estimates. The description of
the Company’s intention to sell a hotel property and the intended
use of proceeds are forward-looking statements. These
forward-looking statements are subject to various risks and
uncertainties, many of which are beyond the Company’s control,
which could cause actual results to differ materially from such
statements. These risks and uncertainties include, but are not
limited to, the state of the U.S. economy, the operating
performance of our hotels and the supply of hotel properties, and
other factors as are described in greater detail in the Company’s
filings with the Securities and Exchange Commission, including,
without limitation, the Company’s Annual Report on Form 10-K for
the year ended December 31, 2022. Unless legally required, the
Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For further information about the Company’s business and
financial results, please refer to the “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and
“Risk Factors” sections of the Company’s SEC filings, including,
but not limited to, its Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, copies of which may be obtained at the
Investor Relations section of the Company’s website at
www.pebblebrookhotels.com.
All information in this press release is as of October 16, 2023.
The Company undertakes no duty to update the statements in this
press release to conform the statements to actual results or
changes in the Company’s expectations.
Pebblebrook Hotel Trust Hotel Zoe Fisherman's
Wharf Reconciliation of Hotel Net Income to Hotel EBITDA and
Hotel Net Operating Income Estimated September 2023 Trailing
Twelve Months (Unaudited, in millions)
Twelve Months Ended
September 30,
2023
Hotel net income (loss)
($1.2
)
Adjustment: Depreciation and amortization
3.9
Hotel EBITDA
$2.7
Adjustment: Capital reserve
(0.5
)
Hotel Net Operating Income
$2.2
This press release includes certain non-GAAP
financial measures as defined under Securities and Exchange
Commission (SEC) rules. These measures are not in accordance with,
or an alternative to, measures prepared in accordance with U.S.
generally accepted accounting principles, or GAAP, and may be
different from non-GAAP measures used by other companies. In
addition, these non-GAAP measures are not based on any
comprehensive set of accounting rules or principles. Non-GAAP
measures have limitations in that they do not reflect all of the
amounts associated with the hotel’s results of operations
determined in accordance with GAAP.The Company has presented
estimated trailing twelve-month hotel EBITDA and estimated trailing
twelve-month hotel net operating income after capital reserves
because it believes these measures provide investors and analysts
with an understanding of the hotel-level operating performance.
These non-GAAP measures do not represent amounts available for
management’s discretionary use, because of needed capital
replacement or expansion, debt service obligations or other
commitments and uncertainties, nor are they indicative of funds
available to fund the Company’s cash needs, including its ability
to make distributions.The Company’s presentation of the hotel’s
estimated trailing twelve-month EBITDA and estimated trailing
twelve-month net operating income after capital reserves should not
be considered as an alternative to net income (computed in
accordance with GAAP) as an indicator of the hotel’s financial
performance. The table above is a reconciliation of the hotel’s
estimated trailing twelve-month EBITDA and net operating income
after capital reserves calculations to net income in accordance
with GAAP. Any differences are a result of rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231016335562/en/
Raymond D. Martz, Co-President and Chief Financial Officer,
Pebblebrook Hotel Trust - (240) 507-1330 For additional information
or to receive press releases via email, please visit our website at
www.pebblebrookhotels.com
Pebblebrook Hotel (NYSE:PEB)
過去 株価チャート
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Pebblebrook Hotel (NYSE:PEB)
過去 株価チャート
から 6 2023 まで 6 2024