Pebblebrook Hotel prices stock offering of 17 million shares at $17 each

Pebblebrook prices stock offering at $17 a share

BETHESDA, Md. — Lodging owner Pebblebrook Hotel Trust said Friday it has priced its public offering of 17 million shares at $17 apiece.

The offering is expected to close on July 28. The underwriters have a 30-day option to buy up to an additional 2.55 million shares to cover overallotments.

The real estate investment trust plans to contribute the proceeds, totaling about $276.6 million, to its operating partnership to invest in hotel properties and for general corporate purposes.

Shares of the company slipped 2 cents to $17.07 in afternoon trading.