Pebblebrook Hotel Trust, a newly organized hotel investment company that intends to invest in properties located in large US coastal cities, announced terms for its upcoming IPO this morning. The Bethesda, MD-based company plans to raise $350 million by offering 17.5 million shares at $20 each. At the mid-point of the proposed range, Pebblebrook will command a market value of $353 million. Pebblebrook Hotel Trust, which was founded in October of this year and has no operating history to date, plans to list on the NYSE under the symbol PEB. The company intends to focus on the upscale lodging segment and benefit from a recovery in business and leisure travel as the economy improves. BofA Merrill Lynch, Raymond James, and Wells Fargo Securities are the lead underwriters on the deal, which is expected to price during the week of Dec. 7. Chesapeake Lodging Trust, a similarly structured specialty REIT planning to acquire upscale hotel properties, is scheduled to trade on Thursday of that week.
