Pebblebrook Hotel Trust is a publicly traded REIT that owns urban and resort lifestyle hotels in U.S. markets. Company news regularly covers hotel operating results, RevPAR and same-property hotel EBITDA trends, portfolio repositioning and rebranding projects, dividends on common and preferred shares, tax treatment of distributions, and debt refinancing or credit-facility activity.
Updates also address market-level demand conditions across urban and resort locations, capital investments, asset dispositions, operating initiatives in food and beverage and other hotel revenue streams, and corporate governance or shareholder matters affecting the trust.
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Pebblebrook Hotel Trust (NYSE: PEB) reported a net loss of $22.0 million for Q1 2023, an improvement from a loss of $100.2 million in Q1 2022. Same-Property Total RevPAR increased by 23.8% year-over-year, with EBITDA rising 25.4% to $59.3 million. Adjusted FFO per diluted share reached $0.18, compared to $0.11 in the previous year. The company completed $135.3 million in property sales, including properties in Portland and Chicago, and has executed contracts for additional sales. Looking ahead, the company anticipates net income for Q2 2023 to be between $34.0 million and $38.9 million with Same-Property RevPAR projected to grow by 1% to 4%. Despite challenges from ongoing renovations and adverse weather conditions, demand in urban markets remains strong.
The Viceroy Santa Monica has completed a comprehensive $21 million renovation, led by award-winning design studio EDG. This transformation includes entirely new guestrooms and suites, redesigned common areas, and an extensive outdoor space featuring the signature restaurant, Sugar Palm. The hotel celebrates local artistry with a curated art collection and promotes sustainability by repurposing materials and emphasizing plant-based dining. CEO Bill Walshe expressed excitement about the reimagined hotel, which aims to enhance guest experiences through luxury and immersive environments. Situated on Ocean Avenue, the Viceroy remains a prominent lifestyle hotel in Santa Monica, offering access to various attractions and beachside leisure.
Pebblebrook Hotel Trust (NYSE: PEB) is set to release its financial results for Q1 2023 on April 26, 2023, after market close. A conference call will follow on April 27, 2023, at 10:00 AM ET, available via phone and a live webcast on their website. Pebblebrook, the largest owner of urban and resort lifestyle hotels in the U.S., currently holds 49 hotels with around 12,500 guest rooms. These results will reflect the company’s operational performance as it continues to navigate the hospitality market.