NEW YORK - High-end hotelier Pebblebrook Hotel Trust priced shares in its initial public offering in line with expectations on Tuesday, according to an underwriter.
Shares in the Maryland-based real estate investment trust (REIT) sold for $20, raising about $350 million. Pebblebrook had expected shares to sell for $20 a piece.
Earlier on Tuesday another REIT, Chesapeake Lodging Trust, postponed indefinitely its initial public offering, an underwriter said, citing market conditions.
The company does not have an operating history, but instead is leaning on the experience of management. Chief Executive Officer Jon Bortz founded New York Stock Exchange-listed REIT LaSalle Hotel Properties, and served as its Chairman and CEO.
Executive Vice President and Chief Financial Officer Raymond Martz has previous experience as a CFO, and served in two senior finance positions in two New York Stock Exchange-listed hotel REITs.
Pebblebrook shares are set to begin trade on the New York Stock Exchange on Wednesday under the symbol PEB.
The IPOs underwriters, led by Bank of America Merrill Lynch, Raymond James, and Wells Fargo Securities, have the option to buy an additional 2.625 million shares.
(Reporting by Clare Baldwin)