NEW YORK, Feb. 11, 2021 /PRNewswire/ -- Palistar Capital (previously Melody Investment Advisors LP) ("Palistar Capital"), an alternative asset manager focused on communications infrastructure, and Pebblebrook Hotel Trust ("Pebblebrook"), a publicly-traded real estate investment trust ("REIT") and the largest owner of urban and resort lifestyle hotels in the United States, announced an investment by Palistar of cell site installations with regards to 14 rooftop wireless assets at 11 of Pebblebrook's hotels and resorts. In addition to Palistar's investment, Palistar and Pebblebrook have also established a strategic marketing and revenue sharing agreement covering the same 11 Pebblebrook properties.
"This arrangement positions us to generate additional revenue growth from a key, but underdeveloped, asset class that we have in our urban and resort lifestyle hotel portfolio: our rooftops," said Max Leinweber and Jen Yager, Vice Presidents of Investments at Pebblebrook, "Many of the rooftops within our 53-hotel portfolio are located in high-density metropolitan areas throughout the country. We can now provide the wireless communications industry a seamless and efficient process for anchoring their networks in high-value locations when an expansion is of critical importance to the wireless industry. We believe that Palistar is an ideal partner to help realize this potential, especially during the 5G build-out cycle for wireless carriers."
"We think that these are great assets and we are energized by the prospects of helping capitalize on a new revenue growth strategy for Pebblebrook; this is a strategic urban center rooftop portfolio," said Jorge Pedraza, Operating Partner at Palistar Capital and President of Symphony Wireless, its cell site acquisition affiliate.
John Apostolides, Investment Partner at Palistar Capital, added, "Our team has extensive experience managing and augmenting revenue related to rooftop wireless assets. We are grateful for Pebblebrook's trust in our team and we look forward to integrating this 11 property portfolio with the assets that Palistar Capital currently owns and represents while working closely with the wireless network community to take advantage of Pebblebrook's unique multi-market footprint to expand 5G coverage that is critical today."
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly-traded REIT and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 53 hotels, totaling approximately 13,200 guest rooms across 14 urban and resort markets with a focus on the west coast gateway cities. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.