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) 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.
Pebblebrook Hotel Trust (NYSE: PEB) reported minimal financial impact from Hurricane Ian affecting its resorts. The LaPlaya Beach Resort & Club is closed for assessment since September 27, 2022, while the Inn on Fifth reopened on October 1, 2022, with minor damage. Five other properties in Florida and Georgia remain operational. The company expects insurance to cover repair costs and lost income. CEO Jon Bortz expressed gratitude for the team's efforts during the storm and noted that a complete assessment is pending as power is restored.
The Curator Hotel & Resort Collection highlights a recent Travel + Leisure survey indicating that 80% of travelers prefer domestic trips this year. With nearly 90 hotels across the U.S., Curator offers diverse opportunities for autumn experiences in top travel destinations like Honolulu, Maui, and Key West. Jennifer Barnwell, President of Curator, emphasizes the collection's ability to cater to various traveler preferences, from city escapes to relaxing beachfront getaways. The press release lists six Curator hotels perfect for fall adventures, showcasing their unique offerings and activities.
Pebblebrook Hotel Trust (NYSE: PEB) recently updated investors on its operating trends, revealing its position as the largest owner of urban and resort lifestyle hotels in the U.S., with 51 hotels and approximately 12,800 guest rooms across 15 markets. For further details on current operating performance, interested parties can view the updated presentation available on its investor relations website.
Pebblebrook Hotel Trust (NYSE: PEB) has declared a quarterly cash dividend of $0.01 per common share, payable on October 17, 2022, to shareholders of record as of September 30, 2022. Additionally, dividends for preferred shares include $0.39844 for Series E, $0.39375 for Series F, $0.39844 for Series G, and $0.35625 for Series H, all payable on the same date. The company owns 51 hotels with approximately 12,800 guest rooms across 15 urban and resort markets in the U.S.
Pebblebrook Hotel Trust (NYSE: PEB) announced the closure of the sale of Hotel Vintage Portland for $32.9 million on September 14, 2022. The hotel recorded a net operating loss of $0.1 million and an EBITDA of $0.1 million for the trailing twelve months ended June 30, 2022. The sale price reflects an 11.7x EBITDA multiple and a 7.1% net operating income capitalization rate. Proceeds from the sale will support general corporate purposes, including potential debt reduction related to recent acquisitions.
Pebblebrook Hotel Trust (NYSE: PEB) will announce its financial results for the quarter ending September 30, 2022, on Thursday, October 27, 2022, after market close. A conference call is scheduled for Friday, October 28, 2022, at 9:00 AM ET. Participants can join by dialing (877) 407-3982 at 8:50 AM ET. A live webcast will also be available on the company's website. Pebblebrook Hotel Trust is the largest owner of urban and resort lifestyle hotels in the U.S., with 52 hotels comprising approximately 12,900 guest rooms across 15 markets.
Pebblebrook Hotel Trust (NYSE: PEB) announced the sale of the 236-room Hotel Spero in San Francisco for $71 million on August 25, 2022. The hotel reported a net operating loss of $1.6 million and Hotel EBITDA of ($1.4 million) for the trailing twelve months ending June 30, 2022. The sale reflects a 9.1x EBITDA multiple and a 9.8% capitalization rate based on 2019 performance. Proceeds will be used for corporate purposes and to reduce outstanding debt from recent acquisitions.