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Owner Of Boston’s W Hotel Announces Dividend Schedule

Dec 15, 2011 | Reprints | Unlock Link | Print

The board of trustees of Maryland-based hotel REIT Pebblebrook Hotel Trust – owners of Boston’s W Hotel – has declared a quarterly cash dividend of 12 cents per common share of beneficial interest.

The board of trustees also authorized a quarterly cash dividend of $0.4921875 per share of the company’s 7.875 percent Series A cumulative redeemable preferred shares of beneficial interest. A further 50 cent dividend was authorized for the company’s 8 percent Series B cumulative redeemable preferred shares of beneficial interest.

All dividend payments are payable Jan. 16 to shareholders of record as of Dec. 31.

Pebblebrook acquired the W Hotel in June for approximately $89.5 million. Completed in 2009, in 2010 the hotel boasted an average daily room rate of $243, according to a prospectus on Pebblebrook’s website.

Commercial & Industrial