Welcome to our dedicated page for Pebblebrok Hotel news (Ticker: PEB), a resource for investors and traders seeking the latest updates and insights on Pebblebrok Hotel stock.
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.
Pebblebrook Hotel Trust (NYSE: PEB) revised its Q4 2022 financial outlook, anticipating a net loss of $39.9 million, an increase from the prior estimate of $35.9 million. Adjusted EBITDAre is projected between $52.0 million and $56.0 million, down from $63.8 million to $71.8 million previously. The company reported that Same Property RevPAR will likely decrease by $10 to $13 compared to earlier forecasts. Factors affecting performance include Hurricane Nicole and weakened demand. The LaPlaya Beach Resort is currently closed for repairs, with a partial reopening expected in Q1 2023.
Curator Hotel & Resort Collection has expanded with the addition of eight new hotels, boosting its portfolio to 96 properties across 48 destinations. Notable additions include The Olive Ann in Grand Forks, North Dakota, which is under development and set to open in fall 2023, and multiple hotels in California and Florida. This expansion highlights Curator's commitment to providing innovative technology and operational support, enhancing cost-saving opportunities for member hotels. The group is approaching 100 preferred agreements across various categories, indicating strong growth potential.
Pebblebrook Hotel Trust (NYSE: PEB) announced a quarterly cash dividend of $0.01 per common share, payable on January 17, 2023, to shareholders on record as of December 30, 2022.
The Board declared quarterly cash dividends for preferred shares as follows: $0.39844 (Series E), $0.39375 (Series F), $0.39844 (Series G), and $0.35625 (Series H), all payable on January 17, 2023.
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Pebblebrook Hotel Trust (NYSE: PEB) reported Q3 financial highlights with a net income of $26.3 million, showing a remarkable recovery. Same-Property RevPAR surged by 45.9% versus 2021, and 1.3% compared to 2019. Total revenues reached $403.9 million, exceeding 2021 by 44.2% and 2019 by 2.5%. Despite Hurricane Ian causing an estimated $2 million revenue loss, urban markets saw strong demand, especially in cities like San Francisco and Chicago. The company completed sales of three properties for $183.9 million and refinanced $2 billion, enhancing liquidity. Adjusted FFO per diluted share rose to $0.66.
Pebblebrook Hotel Trust (NYSE: PEB) has released an update on its recent operating trends, confirming its position as the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 51 hotels and resorts, totaling approximately 12,800 guest rooms across 15 markets. For detailed information on the current operating trends, stakeholders can access the updated presentation on its official website.
Pebblebrook Hotel Trust (NYSE: PEB) announced on October 13, 2022, the successful refinancing of $2.0 billion in credit facilities and term loans. The new structure includes a $650.0 million senior unsecured revolving credit facility and three term loans totaling $1.4 billion. This refinancing extends debt maturities, enhances balance sheet flexibility, and ensures no significant debt maturity until October 2024. Approximately 79% of PEB's debt is fixed at an average of 2.7%, indicating a stable interest expense moving forward.
Curator Hotel & Resort Collection announces the addition of three luxury hotels: Newport Harbor Island Resort in Rhode Island, The Source Hotel in Denver, and Hotel Per La in Los Angeles. These destinations aim to enhance the guest experience with diverse amenities, including luxury spa services and unique dining options. President Jennifer Barnwell emphasized the importance of expanding their collection in top travel markets.
Curator's mission is to elevate independent hotels through enhanced performance and flexibility while retaining their unique identities.
Pebblebrook Hotel Trust has partnered with Davidson Hospitality Group to manage the Newport Harbor Island Resort, formerly Gurney's Newport Resort & Marina. This ten-acre property features 257 guestrooms and extensive event space. Davidson will lead a comprehensive renovation and rebranding aimed at enhancing guest experiences. Pebblebrook emphasizes the importance of selecting an operator with expertise in repositioning resorts to increase cash flow and create value.