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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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January 22, 2015
08:10 EDTPEBPebblebrook Hotel sees FY15 adjusted FFO $2.40-$2.50, consensus $2.44
Sees FY15 adjusted EBITDA $249.5M-$256.5M. Sees FY same property RevPAR up 6.5%-7.5%.
January 16, 2015
10:01 EDTPEBOn The Fly: Analyst Downgrade Summary
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07:41 EDTPEBPebblebrook Hotel downgraded to Neutral from Buy at BofA/Merrill
January 14, 2015
05:57 EDTPEBLodging sector downgraded to Market Weight at Wells Fargo
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