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Briefs: Pebblebrook completes $2B refi; THCP invests in France’s Castellet

Pebblebrook update: Pebblebrook Hotel Trust, Bethesda, Maryland, announced the completion of a US$2 billion refinancing, increasing the capacity of its unsecured credit facility to US$650 million and extending the maturities of all its term loans and credit facilities while maintaining its pre-pandemic pricing grid. Despite an approximate US$2 million impact on total revenues from Hurricane Ian, September’s same-property operating results, including RevPAR, total revenues and hotel EBITDA exceeded 2019 comparables. For the first time since the pandemic began, on a quarterly basis, the company’s 3Q22 RevPAR and total revenues exceeded 3Q 2019 results. “We have not seen anything that would indicate recession-driven pressures on room night demand, out-of-room spend, or pricing,” Pebblebrook said in a statement. The company’s 189-room LaPlaya Beach Resort & Club remains closed following Hurricane Ian and continues to conduct repair and remediation work.

The Mercure Marseille Bompard is part of the Castellet Hospitality portfolio

THCP invests €61.5M in Castellet: Three Hills Capital Partners (THCP), London, has invested €61.5 million (US$60.18 million) of preferred capital in Marseille, France-based, budget hotel group Castellet Hospitality to support Castellet’s buy-and-build strategy. The transaction establishes THCP as a partner to French family office Sofival, bringing more financing and expertise to the deal as existing owners of another hotel group. This is the first investment from THCP’s fourth fund and THCP’s first deal in France, after over two years of franchise building in the market. Founded in 2017 by CEO Gilles Larrivé, Castellet has a portfolio of 22 budget and midscale properties, of which four were acquired as part of the deal, mostly operating under the Louvre Hotel Group, Accor, Marriott and B&B Hotel franchise brands.

Accor grows Mama Shelter: Rennes, France, will be the home of Mama Shelter brand’s 17th hotel when it opens in March 2023. With 119 rooms, it will be home to the Accor brand’s first Mama Skin spa. This will become the brand’s ninth hotel in France.

Edgecliffe-Johnson to step down as IHG CFO: InterContinental Hotels Group has announced that Paul Edgecliffe-Johnson will step down from the board as CFO and group head of strategy and take up a new position outside of the company. The company has started the process of appointing a successor to Edgecliffe-Johnson, who will leave IHG in six months. Since joining IHG in 2004, he held several senior roles before being appointed as the CFO and to the board and executive committee in 2014. In 2019, he took on the leadership of IHG’s strategy function.

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