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Pebblebrook Hotel Trust Completes Sale of Onyx Hotel
BETHESDA, Md.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24PEB&src=ctag” target=”_blank”gt;$PEBlt;/agt; lt;a href=”https://twitter.com/hashtag/PEB?src=hash” target=”_blank”gt;#PEBlt;/agt;–Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that it
closed on the sale of the 112-room Onyx Hotel in Boston, Massachusetts
for $58.3 million on May 29, 2019.
The sale price of $58.3 million reflects a 15.3x EBITDA multiple and a
5.9% net operating income capitalization rate (after an assumed annual
capital reserve of 4.0% of total hotel revenues) based on the hotel’s
operating performance for 2018.
Proceeds from the sale of the Onyx Hotel will be utilized for general
business purposes which may include reducing the Company’s outstanding
debt. As a result of this completed sale, the Company estimates its
total net debt to trailing 12-month corporate EBITDA will be
approximately 4.7 times at the end of the second quarter 2019.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate
investment trust (“REIT”) and the largest owner of urban and resort
lifestyle hotels in the United States. The Company owns 60 hotels,
totaling approximately 14,500 guest rooms across 16 urban and resort
markets with a focus on the west coast gateway cities. For more
information, visit www.pebblebrookhotels.com
and follow us at @PebblebrookPEB.
For further information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section of the
Company’s website at www.pebblebrookhotels.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 the following: the Company’s net debt
and EBITDA; descriptions of the Company’s plans; forecasts of the
Company’s future economic performance and its share of future markets;
forecasts of hotel industry performance; and descriptions of assumptions
underlying or relating to any of the foregoing expectations including
assumptions regarding the timing of their occurrence. 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 the supply of hotel properties, 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,
2018. Unless legally required, the Company disclaims any
obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise.
For further information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section of the
Company’s website at www.pebblebrookhotels.com.
All information in this press release is as of May 30, 2019. The
Company undertakes no duty to update the statements in this press
release to conform the 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
Pebblebrook Hotel Trust | |||
Onyx Hotel | |||
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income |
|||
Trailing Twelve Months | |||
(Unaudited, in millions) | |||
Twelve months ended |
|||
2018 | |||
Hotel net income | $2.4 | ||
Adjustment: | |||
Depreciation and amortization | 1.4 | ||
Hotel EBITDA | $3.8 | ||
Adjustment: | |||
Capital reserve | (0.4 | ) | |
Hotel Net Operating Income | $3.4 | ||
This press release includes certain non-GAAP financial measures
The Company has presented trailing twelve-month hotel EBITDA The Company’s |
Pebblebrook Hotel Trust | ||||||||||
Historical Operating Data | ||||||||||
($ in millions, except ADR and RevPAR) | ||||||||||
(Unaudited) | ||||||||||
Historical Operating Data: | ||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
2018 | 2018 | 2018 | 2018 | 2018 | ||||||
Occupancy | 76% | 87% | 89% | 77% | 82% | |||||
ADR | $237 | $262 | $260 | $246 | $252 | |||||
RevPAR | $180 | $228 | $230 | $190 | $207 | |||||
Hotel Revenues | $346.2 | $432.3 | $431.1 | $377.2 | $1,586.8 | |||||
Hotel EBITDA | $97.3 | $160.4 | $157.3 | $110.8 | $525.8 | |||||
Hotel EBITDA Margin | 28.1% | 37.1% | 36.5% | 29.4% | 33.1% | |||||
First Quarter | ||||||||||
2019 | ||||||||||
Occupancy | 75% | |||||||||
ADR | $250 | |||||||||
RevPAR | $188 | |||||||||
Hotel Revenues | $361.4 | |||||||||
Hotel EBITDA | $99.7 | |||||||||
Hotel EBITDA Margin | 27.6% | |||||||||
These historical hotel operating results include information The |
Contacts
Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust –
(240) 507-1330
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Cannabis
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Humboldt
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.
Exports will begin in May under Apollo Green’s Canadian federal cannabis license. All shipments have Canadian phytosanitary certification, ensuring plants have been inspected, and are clean and free of pests.
“Access for all to quality genetics has been our core focus since the beginning,” said HSC Co-founder and Chief Science Officer, Benjamin Lind. “Our science-based approach to breeding aligns perfectly with Apollo Green’s high standards and we are excited to be able to extend these hand-selected cuts to a wider audience, especially at this pivotal time where we’re seeing positive regulatory changes globally.”
Oisin Tierney, Apollo Green Director of Business Development, said, “California has long been recognized for setting industry standards, and we are proud to play a role in bringing these esteemed genetics to cultivators worldwide. The triploids are especially noteworthy in terms of the unprecedented potential for enhanced plant vigor, higher yields, shorter flowering times and superior returns for solventless extraction.”
About Humboldt Seed Company
Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.
For more information visit https://humboldtseedcompany.com/.
About Apollo Green
Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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