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Stock Market & Financial Investment News

News Breaks
July 17, 2014
16:30 EDTPEBPebblebrook Hotel acquires the Nines Hotel in Portland, Oregon for $127M
Pebblebrook Hotel has acquired The Nines Hotel for $127.0M, a 331-room luxury hotel located in downtown Portland, Oregon. The company acquired a fee simple condominium interest in The Nines Hotel. During the next 12 months, the Company currently forecasts that the hotel will generate EBITDA of $12.0M-$12.6M and net operating income after capital reserves of $10.4M-$11.0M. In conjunction with the acquisition, the company is assuming three secured, non-recourse loans totaling $50.7M, which are subject to a weighted average interest rate of 7.4%. Each of the loans matures on March 5, 2015. The company expects to invest $6.0M-$8.0M of capital to refresh the guestrooms and public areas, which it anticipates commencing in Q15. The company expects to incur approximately $0.8M of costs related to the acquisition of the hotel that will be expensed as incurred.
News For PEB From The Last 14 Days
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July 31, 2015
17:14 EDTPEBPebblebrook Hotel backs FY15 AFFO $2.47-$2.55, consensus $2.54
Information from company slides presentation.
17:12 EDTPEBPebblebrook Hotel sees FY16 AFFO $2.99-$3.15, consensus $3.08
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July 28, 2015
07:30 EDTPEBPebblebrook Hotel long-term outlook still positive, says RBC Capital
After Pebblebrook reported lower than expected revenue but higher than expected AFFO, RBC Capital says that the company's earnings were impressive. The firm says that the company was hurt by near-term uncertainty regarding its Kimpton hotels and a negative mix shift due to the launch of a number of new hotels. However, the firm does not expect issues facing the Kimpton hotels to reduce the company's near-term cash flow by more than 1.5%. It trimmed its price target on the name to $50 from $52 but keeps an Outperform rating.
July 23, 2015
16:22 EDTPEBPebblebrook Hotel sees continued favorable growth trends for rest of FY15
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16:21 EDTPEBPebblebrook Hotel reports Q2 AFFO 72c, consensus 69c
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July 21, 2015
10:01 EDTPEBOn The Fly: Analyst Initiation Summary
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05:38 EDTPEBPebblebrook Hotel initiated with an Overweight at Barclays
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