Pebblebrook Hotel Trust, a newly formed REIT planning to acquire upper upscale hotels in large US cities, raised its expected $350 million by offering 17.5 million shares at $20 on Tuesday evening. The IPO pricing came the same evening as another newly formed hotel REIT, Chesapeake Lodging Trust, postponed its $250 million IPO. Pebblebrook's stock is expected to list on the NYSE under the symbol PEB; BofA Merrill Lynch, Raymond James, and Wells Fargo Securities were the lead underwriters on the deal.
