Pebblebrook Hotel Trust closed a $450 million unsecured term loan on February 11 2026, adding fresh capital to its balance sheet and extending the maturity of its debt to February 2031. The new facility includes a $90 million delayed‑draw commitment that will be available through December 15 2026.
The term loan’s $360 million portion was used to refinance an existing $360 million term loan, while the remaining $90 million remains undrawn. The delayed‑draw feature provides the company with a flexible, low‑cost source of capital that can be drawn on as needed to meet working‑capital or investment needs.
Pebblebrook also extended its $650 million unsecured revolving credit facility to October 2029, with two optional six‑month extensions. The facility remains undrawn, giving the REIT a sizable liquidity buffer that can be tapped for short‑term needs or opportunistic acquisitions.
The financing is strategically aimed at addressing the company’s December 2026 convertible‑note maturity and retiring the Margaritaville Hollywood Beach Resort mortgage. By using $40 million of cash on hand to retire the mortgage and leveraging the delayed‑draw capacity, Pebblebrook expects to fully cover the remaining $350 million of its 1.75 % Convertible Senior Notes maturing in December 2026. The transaction also reduces secured debt, extends the maturity runway, and adds flexible, attractively priced debt capacity.
Cash, cash equivalents, and restricted cash totaled approximately $150 million as of February 11 2026, providing a solid cushion for the company’s debt‑service obligations and future capital‑allocation initiatives. The new financing structure positions Pebblebrook to pursue redevelopment and growth opportunities across its portfolio of lifestyle hotels while maintaining a strong balance‑sheet profile.
Co‑President and Chief Financial Officer Raymond D. Martz said the deal "further extends our maturity runway, reduces secured debt, and adds flexible, attractively priced debt capacity," highlighting the delayed‑draw feature as a clear, fully funded path to address the remaining convertible‑note balance.
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