pebblebrook refinances $2 billion in credit centers, term loans

lodge reit extends debt maturities and adds flexibility, ability to stability sheet

pebblebrook resort consider has refinanced $2 billion of credit score facilities and term loans, extending its debt maturities and adding flexibility and potential to its balance sheet.

the motel real estate funding believe’s refinancing has led to a $650 million senior unsecured revolving credit score centers and 3 mortgage terms totaling $1.four billion, in step with a information release.

pebblebrook has been an energetic buyer and vendor thru 2022. it acquired the 257-room gurney’s newport hotel & marina in newport, rhode island, for $174 million in past due june and the 119-room resort on fifth in naples, florida, for $156 million in might also.

in the course of the 0.33 zone, it bought the kimpton lodge antique portland in oregon for $32.9 million, the 236-room resort spero in san francisco for $71 million, and the 306-room sofitel philadelphia at rittenhouse rectangular for $80 million.

the credit facility’s adulthood has been prolonged to october 2027 with two non-obligatory six-month extensions. the interest fee is based on a pricing grid of a hundred forty five to 250 basis factors over the relevant adjusted time period sofr.

among the term loans, the primary $460 million loan matures in october 2024. the second $460 million mortgage matures the following october. the 0.33 $460 million mortgage matures october 2027. for all 3 time period loans, the interest fee is primarily based on a pricing grid of one hundred forty to 245 foundation points over the relevant adjusted term sofr.

considering certain interest charge switch agreements, as of sept. 30, approximately 79% of the organisation’s overall extraordinary debt and convertible notes are fixed at a median hobby price of about 2.7%. the final 21% of outstanding debt and convertible notes are floating at a median interest price of approximately four.nine%.