Pebblebrook Hotel Trust
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Pebblebrook Hotel Trust (NYSE: PEB) filed for its initial public offering (IPO) in October 2009, and in December 2009 it happened, raising $400 million.
The chairman, president and CEO is Jon E. Bortz, who resigned from LaSalle Hotel Properties in October 2009 and went to Pebblebrook. Raymond Martz is Chief Financial Officer. Thomas C. Fisher is Executive Vice President and Chief Investment Officer.
Pebblebrook Hotel is an internally managed REIT formed to invest in "upper upscale" hotels and "upscale" properties in twenty cities in the United States, especially the two coasts -- such as Hawaii, south Florida and Southern California.
It was the first "blind pool" equity REIT to appear since the financial crisis. Blind pool means that when it launched, it owned no properties. Investors were demonstrating their faith that management would find acquire good properties with the money raised by the IPO.
Pebblebrook Hotel has Already Bought Seven Hotels
These include: Sir Francis Drake Hotel in San Francisco California, Sheraton Delfina in Santa Monica California, InterContinental Buckhead in Georgia, The Grand Hotel Minneapolis in Minnesota, and the Doubletree Bethesda Hotel in Bethesda Maryland, Softitel in Phildelphia Pennsylvania, Skamania Lodge, Mondrain Los Angeles, and Hotel Monaco in Washington DC.
They are associated with such brand names as Hilton Worldwide, Kimpton and InterContinental Hotels Group (ICH).
Therefore, Pebblebrook Hotel Trust is a Real Estate Investment Trust (REIT) positioned to start making money when the economy gets better, and tourists and businesses spend more money on travel.
Next: Terreno Realty Corporation -- industrial real estate properties
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