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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 5, 2011
PEBBLEBROOK HOTEL TRUST
(Exact name of registrant as specified in its charter)
         
Maryland   001-34571   27-1055421
         
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)
     
2 Bethesda Metro Center, Suite 1530
Bethesda, Maryland
  20814
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (240) 507-1300
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 1.01. Entry into a Material Definitive Agreement.
On January 5, 2011, a subsidiary of Pebblebrook Hotel Trust (the “Company”) entered into a new $31.0 million secured loan with UBS Real Estate Securities Inc. (the “Loan”) that is expected to be funded on January 25, 2011. The Loan has a fixed interest rate of 5.44 percent per annum and requires monthly principal and interest payments of $174,898 through February 2016, the maturity date. The Loan is secured by a first mortgage lien on the Skamania Lodge in Stevenson, Washington (the “Hotel”). Proceeds from the Loan will be used by the Company to fund future acquisitions and for general business purposes. Additional information regarding the loan and the terms of the loan agreement appears below in Item 2.03 and is incorporated herein by reference. A copy of the loan agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information about the Loan under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
The Loan, which the lender has advised the Company is intended to be securitized, is non-recourse to the Company and its operating partnership, Pebblebrook Hotel, L.P., except for certain customary carve-outs to the general non-recourse liability, which carve-outs are guaranteed by the Company. The Loan is evidenced by documentation generally consistent with loans of similar size that are intended to be pooled in a commercial mortgage backed securities offering. The Loan contains cash management and lock-box provisions that allow the lender to direct net income from the Hotel to an account controlled by the lender upon the occurrence of a Trigger Period, as defined in the loan agreement, to ensure that items such as real estate taxes, insurance and property maintenance and improvement costs are adequately funded.
Item 7.01. Regulation FD Disclosure.
The Company issued a press release on January 6, 2011 announcing the execution of the Loan. A copy of that press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The press release is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any of those filings.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
         
Exhibit No.   Description
10.1    
Loan Agreement, between Terrapins Owner LLC, as Borrower, and UBS Real Estate Securities Inc., as Lender
99.1    
Press release issued on January 6, 2011

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  PEBBLEBROOK HOTEL TRUST
 
 
January 7, 2011  By:   /s/ Raymond D. Martz    
    Name:   Raymond D. Martz   
    Title:   Executive Vice President, Chief Financial Officer,
Treasurer and Secretary
 
 

 


 

         
EXHIBIT INDEX
         
Exhibit No.   Description
10.1    
Loan Agreement, between Terrapins Owner LLC, as Borrower, and UBS Real Estate Securities Inc., as Lender
99.1    
Press release issued on January 6, 2011