News

Historic Davenport Hotel has served as a beacon of culture and refinement throughout the Inland Northwest region for over a century

SPOKANE, WA (December 7, 2021) KSL Capital Partners, LLC (KSL) announced today a definitive agreement under which an affiliate will acquire the privately held Davenport Hotels from Walt and Karen Worthy, who assembled the portfolio of the five top luxury, convention, business and leisure hotels in Spokane, WA over the past two decades. Terms of the off-market transaction will not be disclosed. The transaction is expected to close within the next 30 days.
Upon completion of the sale, Davenport Hotels will continue to build on the legacy established by the Worthys, who plan to retire, and operate under the continued leadership of Lynnelle Caudill, managing director of Davenport Hotels since 2002. Davidson Hospitality Group, one of the nation’s leading full-service hospitality management companies will manage the properties in partnership with Caudill and her team.

“What an honor and a privilege it has been for Karen and me to serve as stewards of Davenport Hotels for the last two decades. It has been our pride and joy to see how many lives have been touched by the restoration and expansion of Davenport Hotels,” said Walt Worthy. “The time has come to transfer ownership to new hands. KSL has the depth of expertise and capabilities to provide exceptional service as they have owned and operated some of the most prestigious hotels in the world, and we couldn’t be happier that they will continue to preserve the history and heritage of Davenport Hotels here in Spokane.”
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“As a company whose primary focus is to invest in travel and leisure properties, we understand the importance of hotels to their local community," said Michael Mohapp, principal, KSL Capital Partners. “The Worthys have built Davenport Hotels from a single hotel with the restoration of The Historic Davenport to a portfolio of Spokane’s highest quality hotels, and we are privileged to be part of the next chapter of these properties to ensure they continue to flourish.”

Davenport Hotels includes The Historic Davenport, an iconic landmark originally built in 1914 which was the most modern hotel in the United States when it opened. It was the first hotel with air conditioning, ice cold drinking water piped to each guest room, a central vacuum system, housekeeping carts and accordion ballroom doors. After it was shut down in 1985 and narrowly escaped demolition, the Worthys purchased the property and completed a full restoration to the hotel, reopening in 2002. The Historic Davenport has since earned a listing on the National Register of Historic Places.

After preserving the history and heritage of The Historic Davenport, the Worthys expanded the portfolio through acquisition and development of The Davenport Tower, The Davenport Lusso, The Centennial and The Davenport Grand Hotel. The properties combine to form an elegant union of new and historic hotels located in the heart of downtown Spokane. Together, the full-service hotels range from boutique to full-size, classic to contemporary, offering a total of 1,787 guest rooms. Each hotel has a strong identity, and offers upscale amenities, including some of the best dining options in the area. The centrally located hotels are in close proximity to the Spokane Convention Center, which is anchored by the 716-room Davenport Grand Hotel; Podium Sportsplex; the new Spokane Stadium scheduled to open in 2022; a curated mix of local and national shops, restaurants, and entertainment; as well as wineries, breweries and distilleries.

“KSL’s proven success in investing in and elevating legacy properties will ensure that we continue to provide Davenport guests with the same high-quality experience established during the Worthy’s ownership,” said Pete Sams, chief operating officer, Davidson Hospitality Group. “Under our management, we look forward to even further enhancing the properties’ service offerings, continuing to engage the local community and strengthening the brand to attract even more visitors to Spokane.”

KSL owns through its affiliates some of the most prestigious destinations in the world and has successfully taken on stewardship of several iconic heritage properties such as Grand Hotel on Mackinac Island, MI, La Costa Resort and Spa in Carlsbad, CA and The Homestead in Hot Springs, VA, in addition to The Historic Davenport. For more information on Davenport Hotels, please visit www.davenporthotelcollection.com.

About KSL Capital Partners‍

KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate, and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; London, England and Singapore. Since 2005, KSL has raised approximately $15 billion of capital across both debt and equity funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.

About Davidson Hospitality Group‍

Davidson Hospitality Group is an award-winning, full-service hospitality management company comprised of 71 existing hotels and resorts; more than 175 restaurants, bars and lounges; and nearly 1.5 million square feet of meeting space across the United States. A trusted partner and preferred operator for Hilton, Hyatt, Kimpton, Marriott, and Margaritaville, Davidson offers a unique entrepreneurial management style and owners’ mentality that provides the individualized personal service of a small company, enhanced by the breadth and depth of skill and experience of a larger company. In keeping with the company’s heritage of delivering value, Davidson Hospitality Group is comprised of four highly specialized operating verticals: Davidson Hotels, Pivot, Davidson Resorts and Davidson Restaurant Group. For more information, visit www.davidsonhospitality.com. Follow us on Instagram: @davidsonhospitality and Twitter: @DavidsonHospGrp. Like us on Facebook: @DavidsonHospitalityGroup. Connect with us on LinkedIn: @DavidsonHospitalityGroup. #DavidsonHospitality.

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KKR and KSL Capital invest in leading national FBO network

Plano, TX – November 16, 2021 – Atlantic Aviation and Ross Aviation today announced an agreement to combine to create a leading aviation infrastructure platform with one of the largest networks of fixed base operators (“FBO”) in North America. Upon closing, the combined company will operate as Atlantic Aviation. KKR will be the majority shareholder in the combined company and an affiliate of KSL Capital Partners, LLC (“KSL”), Ross Aviation’s principal shareholder, will join KKR as a significant minority investor in the company.

The combination of Atlantic Aviation and Ross Aviation brings together two leading aviation infrastructure networks with highly complementary geographical footprints and a shared focus on operational excellence and exceptional customer service. Atlantic Aviation and Ross Aviation’s experienced operating teams will come together to drive further investment in critical aviation infrastructure and to strengthen Atlantic Aviation’s position as an industry leader in safety, sustainability, hospitality and technology innovation.

"We’re thrilled to grow Atlantic Aviation with the addition of Ross Aviation’s highly complementary team, culture and network," said Louis T. Pepper, CEO of Atlantic Aviation. "Increased diversification will further position us as a leading operator of aviation infrastructure at a critical moment for our company as we invest in enhancements across our network to better serve our customers. Greater scale also enables us to accelerate our efforts on key priorities, including being at the forefront of technology and sustainability, and creates more opportunities for our employees. We look forward to working with the Ross Aviation leadership team including Jeff Ross, Chairman and long-time friend, as well as CEO, Brian Corbett, to build on the great partnerships they have established at these airfields and the corporate culture they have developed.”

Founded in 2016 by KSL and Jeff Ross, Ross Aviation operates 19 FBOs across the United States and the Caribbean. Through KSL’s investment over the last five years, Ross Aviation has built a strong reputation for customer service and operational excellence with a heavy emphasis on its people and culture. Ross Aviation has a successful record of growth through acquisitions of high-quality FBOs in some of the top leisure and corporate travel markets across North America.

“Today marks a meaningful step forward in the growth of Atlantic Aviation,” said Dash Lane, Partner at KKR. “We are excited to join forces with the Ross Aviation and KSL teams to expand Atlantic’s geographic reach, its focus on customer service, and to further invest in a broader network of aviation operations and infrastructure.”  

“KSL and KKR have a successful history of strategic partnership that dates back nearly three decades,” said Dan Rohan, Partner at KSL.  “Merging with Atlantic Aviation and investing in the combined business alongside KKR is a natural evolution for Ross Aviation and KSL. We believe the combination of Ross Aviation’s differentiated approach to flight hospitality with Atlantic Aviation’s unparalleled network and customer base will set a new standard for the industry.”

The transaction is expected to close in the first half of 2022, subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.

Kirkland & Ellis served as legal counsel to Atlantic Aviation and KKR. Jefferies, LLC and Harris Williams served as financial advisors to Ross Aviation and KSL and Simpson Thacher & Bartlett served as legal counsel.

About Atlantic Aviation‍

Atlantic Aviation operates one of the leading networks of fixed base operators in North America, providing a full suite of critical services to the private aviation sector. With FBOs across 30 states, Atlantic Aviation provides a wide range of aircraft ground handling and corporate flight support services, including fueling and line services, ground transportation, catering, hangar, deicing, and ramp space. To learn more visit https://www.atlanticaviation.com/.

About Ross Aviation‍

Headquartered in Denver, Ross Aviation and its affiliated companies are dedicated to soaring higher – in the flight hospitality services they provide and the environment they create for both customers and team members. The company is guided by four fundamental beliefs: safety, care, performance, and drive – and strives to embody those beliefs in every action taken, from the flight line to the front office.

About KKR‍

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.  

About KSL Capital Partners‍

KSL Capital Partners, LLC is a private equity firm specializing in premier travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate, and travel services. Since 2005, KSL has raised approximately $15 billion of capital across credit, tactical opportunities and equity funds. For more information, please visit www.kslcapital.com.  

Media Contacts
For KKR
Miles Radcliffe-Trenner
(212) 750-8300
media@kkr.com

For KSL Capital Partners
River Communications
Maureen Richardson
(914)686-5599
mrichardson@riverinc.com

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London – 11 November 2021 – Goldman Sachs Asset Management and Cedar Capital Partners today announced the acquisition of The Belfry Hotel & Resort (“The Belfry”) located near Birmingham in the United Kingdom from an affiliate of KSL Capital Partners.

The Belfry with its three 18-hole golf courses is a four-time host of the Ryder Cup, the biennial golf competition between U.S and European teams. Situated within a substantial 550 acre estate, the full-service resort further features 320 guest rooms, five restaurants, a spa and multiple leisure amenities.

Nabil Aquedim, Executive Director in the Real Estate team at Goldman Sachs Asset Management, said, “We are delighted to be partnering with Cedar for this acquisition of a renowned hotel and golf resort, which we plan to renovate and extend over the coming years. This investment aligns with our strategy of purchasing high-quality assets that are well positioned to benefit from post-COVID hospitality and leisure trends. We look forward to working with Cedar and the hotel’s management team to build on the Belfry’s strong reputation as a golf resort and enhance the leisure offering.”

Phil Golding, Partner at Cedar Capital Partners noted, “We look forward to working with the hotel’s management team to build on the Belfry’s storied history, and alongside our partners at Goldman Sachs, we are proud to be the next custodians of this iconic resort.”

Raphael Bihler, Vice President at KSL Capital Partners, remarked, “We are very proud to have owned the resort for almost ten years, during which time we completed a substantial renovation and repositioning, and developed an outstanding operating team. Through multiple European PGA Tour events, countless corporate functions and many happy social events, we are confident that The Belfry has returned to its rightful place as the top resort in the UK.  We are pleased to leave the resort in such stable hands and wish to thank the many members of the management team who have made our ownership period so enjoyable.”

Goldman Sachs Asset Management and Cedar Capital Partners were advised by Jones Day (Legal and Financing), Alvarez & Marsal and Deloitte (Tax and Structuring) and CBRE (Commercial).

KSL Capital Partners were advised by Dentons (Legal), Deloitte (Tax and Structuring) and Savills (Broker).

Wells Fargo and KSL Capital Partners’ separate European Capital Solutions platform financed the acquisition and were advised by Clifford Chance and Bird & Bird
 
About Goldman Sachs Asset Management Real Estate‍

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market-overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1991, the Real Estate business within Goldman Sachs Asset Management is one of the largest investors in real estate with over $50 billion in assets invested since 2012 across the spectrum of investment strategies from core to opportunistic. Our global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn.

About Cedar Capital Partners          ‍

Cedar Capital Partners is a specialist hotel investment firm.  The company has acquired more than $4 billion of hotel assets across Europe and the US with a focus on luxury, full-service and lifestyle hotels.  The firm’s principals are industry professionals with backgrounds in acquisitions, finance, development and operations. Operating from its London and NY offices, Cedar Capital Partners has maintained a consistent track record of strong performance and value creation throughout various market cycles. More information on the firm can be found at www.cedarcp.com.
 
About KSL Capital Partners‍

KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; London, England and Singapore. Since 2005, KSL has raised in excess of $15 billion of capital across both equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. KSL’s European Capital Solutions (ECS) platform is actively investing across the travel and leisure sector in Europe. KSL ECS focuses on credit and non-controlling equity investments and has the ability to invest throughout the capital structure.For more information, please visit www.kslcapital.com.

For further details:

Goldman Sachs
Joseph Stein
+44 207 774 4080
joseph.stein@gs.com

Cedar Capital Partners
Phil Golding
+44 207 484 3560
phil@cedarcp.com

KSL Capital Partners
Maureen Richardson
+914 434 6033
mrichardson@riverinc.com

SYDNEY – October 4, 2021 KSL Capital Partners, LLC (KSL) announced today that an affiliate of KSL has acquired the Four Points by Sheraton Sydney, Central Park for an undisclosed amount. It will continue to be operated by Marriott International under the Four Points by Sheraton brand. While KSL has already invested in Ballie Lodges in Australia, this is KSL’s first investment in Sydney.

“KSL Capital Partners’ primary focus is to invest in high-quality travel and leisure properties with outstanding management teams,” said Siddhant Jhunjhunwala, Vice President, KSL. “Sydney is one of the strongest long-term Asia Pacific tourism destinations and has historically outperformed all other Australian gateway cities. This is a rare opportunity to expand our portfolio with an upscale, strategically-located asset in this highly sought-after market.”

Newly opened in 2018, the Four Points by Sheraton Sydney, Central Park features 297 guest rooms, including 45 suites. Amenities include a bar, restaurant, fitness center, 50 dedicated car parking spaces and over 500 sqm of conference and meeting space. Planned capital improvements include repurposing existing meeting space and enhancing food & beverage concept offerings.

The property is strategically located at 88 Broadway, Chippendale NSW and forms part of the Central Park mixed-use development, adjacent to Sydney’s emerging “Silicon Valley”. It is within close proximity to a number of major corporations, University of Technology Sydney, the vibrant Chinatown, Surry Hills, University of Sydney, University of Notre Dame, and the Darling Harbour convention and entertainment precinct. The hotel is served by Central Station, one of the main public transport hubs in Sydney for trains, buses, the recently opened light rail and the forthcoming metro currently under construction.

About KSL Capital Partners‍

KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; London, England and Singapore. Since 2005, KSL has raised approximately USD $15 billion of capital across both equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.

Media Contact: Jeanine Morgan, River Communications
Office: + 914-686-5599

BETHESDA, Md.--(BUSINESS WIRE)-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today
announced that it acquired the 369-room oceanfront Margaritaville Hollywood Beach Resort in Hollywood, Florida for $270 million from an affiliate of KSL Capital Partners, LLC. The lifestyle resort will continue to be managed by Davidson Hospitality Group (“Davidson”).

Margaritaville Hollywood Beach Resort, the flagship property to an internationally recognized brand synonymous with a casual-luxe lifestyle, is located on 6.2 oceanfront acres, along 450 linear feet of direct beach frontage, and is the focal point of the famous Hollywood Beach Broadwalk. The resort was built in 2015 and features 369 guestrooms, including 43 well-appointed suites, and over 30,000 square feet of indoor and outdoor event space for leisure and corporate groups overlooking the Atlantic Ocean. The resort also features 8 highly successful casual and upscale dining venues, including Jimmy Buffet’s Margaritaville, Landshark Bar & Grill, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill, and Floridays Airstream Cafe. Additional resort amenities include the 11,000-square foot St. Somewhere Spa, Fitness and Salon, multiple outdoor swimming pools, 22 full-service cabanas, the Flowrider Surf Simulator, the Parakeets Kid’s Club, numerous retail outlets, and live entertainment nightly at one of the resort’s several vibrant outdoor-entertainment venues.

“We’re thrilled to acquire this irreplaceable, lifestyle beachfront resort in the growing South Florida market, which is known as Margaritaville’s flagship property on the east coast,” said Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust. “This premier lifestyle resort attracts both leisure and corporate group customers who seek a unique laid-back experience with a wide array of restaurant, bar, and entertainment venues. In addition, Margaritaville’s strategic oceanfront location on the Hollywood Broadwalk makes it a natural destination for residents and tourists in the South Florida market.”

Ideally located between Miami Beach and Fort Lauderdale, Margaritaville Hollywood Beach Resort benefits from its proximity to both cities, including numerous recreational, retail, and entertainment activities. The resort is within a day’s drive of over 20 million residents while also benefitting from excellent airlift from Fort Lauderdale-Hollywood International Airport and Miami International Airport. Directly adjacent to the resort, the Hollywood Beach Broadwalk stretches 2.5 miles along the Atlantic Ocean. The brick-paved thoroughfare is a haven for tourists attracted to its countless eateries, cafes, and retail outlets. The focal point of the Hollywood Broadwalk is the Hollywood Bandshell, which is located at the resort and is operated by the property team.

Davidson will continue to manage Margaritaville Hollywood Beach Resort. Following the acquisition of Margaritaville Hollywood Beach Resort, Davidson now operates 6 of Pebblebrook’s properties.

“We are excited to partner with Davidson on another unique resort,” continued Mr. Bortz. “Davidson has extensive experience operating high-quality destination resorts, including our iconic Paradise Point Resort in San Diego, which we are targeting to convert to Margaritaville’s west coast flagship resort. Davidson also operates our Solamar San Diego, which is slated to become a Margaritaville downtown urban resort. The Davidson team has a deep understanding of the Margaritaville brand and customer, making them a natural partner for Margaritaville Hollywood Beach Resort, which we believe has tremendous upside.”

Pebblebrook is evaluating numerous operating and physical enhancements for additional upside opportunities and increased cash flow. This includes adding guestrooms, expanding the restaurant and bar offerings, reimagining the merchandising and quality of the retail space, and creating additional revenue-generating venues from under-utilized indoor and outdoor spaces and areas. The resort will also become part of Curator Hotel & Resort Collection, which is expected to result in a wide array of expense reductions and enhanced technology and operating initiatives for the resort.

For full-year 2021, following a slow start to the year due to the pandemic, Margaritaville Hollywood Beach Resort is forecasted to produce between $475 and $480 of total revenue per available room (“TRevPAR”). The resort is expected to generate hotel earnings before interest, taxes, depreciation, and amortization (“hotel EBITDA”) of $16.8 to $17.2 million and hotel net operating income (“hotel NOI”), after a 4% capital reserve, of $14.3 to $14.5 million.

The acquisition of Margaritaville Hollywood Beach Resort brings the total number of properties in the Company’s portfolio to 52, including 10 drive-to, independent lifestyle resorts.

The Company funded the acquisition with approximately $108.5 million of cash on hand, and assumed the $161.5 million of existing non-recourse, secured debt. The debt matures in May 2022 and provides for up to two one-year extensions to May 2024. The interest rate on the debt is floating at a current all-in rate of approximately 2.5%. The Company may pre-pay the debt at any time without penalty.

Following the acquisition of Margaritaville Hollywood Beach Resort, the Company will have liquidity of approximately $800.0 million, including an estimated $160.0 million of consolidated cash, cash equivalents, and restricted cash in addition to $644.2 million of undrawn availability on its senior unsecured revolving credit facility.

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 52 hotels, totaling approximately 13,000 guest rooms across 15 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.

About Curator Hotel & Resort Collection

^Curator Hotel & Resort Collection is a distinct collection of hand-selected small brands and independent lifestyle hotels and resorts worldwide, founded by Pebblebrook Hotel Trust and a group of industry-leading hotel operators. Curator provides lifestyle hotels the power to compete together while allowing its members the freedom to retain what makes their hotels unique. It offers independent lifestyle hotels the benefits of associating with other unique lifestyle hotels and brands while participating in best-in-class operating agreements, services, and technology. In addition to Pebblebrook, the founding members of Curator include Davidson Hospitality Group, Noble House Hotels & Resorts, Provenance, Sage Hospitality Group, Springboard Hospitality, and Viceroy Hotels & Resorts. For more information, visit www.curatorhotelsandresorts.com.

About Davidson Hospitality Group

Davidson Hospitality Group is an award-winning, full-service hospitality management company comprised of 67 existing hotels and resorts; more than 165 restaurants, bars and lounges; and nearly 1.5 million square feet of meeting space across the United States. A trusted partner and preferred operator for Hilton, Hyatt, Kimpton, Marriott, and Margaritaville, Davidson offers a unique entrepreneurial management style and owners' mentality that provides the individualized personal service of a small company, enhanced by the breadth and depth of skill and experience of a larger company. In keeping with the company's heritage of delivering value, Davidson Hospitality Group is comprised of four highly specialized operating verticals: Davidson Hotels, Pivot, Davidson Resorts, and Davidson Restaurant Group. For more information, visit www.davidsonhospitality.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 the 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: projections of hotel operating performance; descriptions of the Company’s plans or objectives for future operations, acquisitions or services 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, 2020. 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 September 23, 2021. 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.

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