Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it will be re-branding its 310-room Sheraton Delfina Santa Monica as the Le Méridien Delfina Santa Monica. This conversion is expected to be completed in the fourth quarter of 2013. Viceroy Hotels and Resorts will continue to manage the property.
Delfina Santa Monica Entrance (Photo: Pebblebrook Hotel Trust)
“We’re very excited about the up-branding of our Delfina Santa Monica hotel to the Le Méridien brand,” said Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “Starwood and Viceroy have been excellent contributors to our success at this property and we believe they will continue their momentum with the fast-growing, upper upscale Le Méridien brand through a collaborative and integrated approach to design and service that aligns very well with what we are trying to accomplish at the property.”
“We believe this new concept is representative of the unified vision of the Pebblebrook, Starwood and Viceroy partnership, and we are thrilled with the opportunity to continue this partnership through the re-introduction of the Delfina Santa Monica under the new Le Méridien brand,” noted Bill Walshe, CEO of Viceroy Hotel Group.
In conjunction with the re-branding and repositioning, the Company expects to incur $0.5 million of transition costs and to invest an additional $2.0 million for capital improvements in the hotel.About Pebblebrook Hotel Trust Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. The Company owns 26 hotels, including 20 wholly owned hotels with a total of 4,960 guest rooms and a 49% joint venture interest in six hotels with a total of 1,733 guest rooms. The Company owns, or has an ownership interest in, hotels located in ten states and the District of Columbia, across 16 markets: Los Angeles, California; San Diego, California; San Francisco, California; Santa Monica, California; West Hollywood, California; Miami, Florida; Buckhead, Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Portland, Oregon; Philadelphia, Pennsylvania; Columbia River Gorge, Washington; Seattle, Washington; and Washington, DC. For more information, please visit us at www.pebblebrookhotels.com and on Twitter at @PebblebrookPEB. About Viceroy Hotel Group Viceroy Hotel Group delivers one-of-a-kind lifestyle experiences that bring together provocative design and intuitive service in sought-after locations. Signature brand amenities and services created for the diverse business and leisure guests include dynamic dining venues featuring world-class culinary talents and destination spas specializing in health, fitness and beauty. Current properties include hotels and resorts in Abu Dhabi, Anguilla, Beverly Hills, Maldives, Miami, New York, Palm Springs, Riviera Maya, San Francisco, Santa Monica, Snowmass, St. Lucia and Zihuatanejo with forthcoming openings in New York, Dubai, Istanbul and Bodrum, Turkey. www.viceroyhotelgroup.com This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include expectations of the amount of transition costs and capital improvements. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. All information in this release is as of July 24, 2013. Except as required by law, the Company undertakes no duty to update the statements in this release to conform the forward-looking statements to actual results or changes in the Company’s expectations. For additional information or to receive press releases via email, please visit our website at www.pebblebrookhotels.com
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