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.
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Pebblebrook Hotel Trust (NYSE: PEB) announced the successful sale of the 416-room Kimpton Sir Francis Drake Hotel in San Francisco, generating net proceeds of $157.6 million as of April 1, 2021. This sale reflects an 11.8x EBITDA multiple and a 7.2% capitalization rate based on the hotel's 2019 performance. The hotel was initially purchased for $90 million in 2010, providing an 11-year internal rate of return over 12%. Proceeds will be used for general business purposes, including potential debt reduction. The company has also reopened five additional urban hotels, bringing the total to 44 of its 52 properties.
San Diego Mission Bay Resort is inviting families to enjoy a luxurious experience with a 50% discount on Best Available Rates for stays from Sunday to Thursday until April 30, 2021. This offer is part of their Stay Safe, Start Living initiative, aimed at providing a safe environment for guests recovering from the challenges of the past year. Located on Mission Bay Park, the resort boasts 357 rooms and extensive amenities, making it a prime destination for relaxation and recreation.
L'Auberge Del Mar, a Southern California beach resort, is welcoming guests back with a 50% discount on Best Available Rates for stays from Sunday to Thursday, valid until April 30, 2021, using the promo code FAM21. This offer aims to help guests reconnect and destress after a challenging year. The resort is also undergoing a multi-million-dollar transformation to enhance its luxury appeal. Guests can enjoy a glimpse of these upgrades with the 'We are Family' package, reinforcing the resort’s commitment to high health and safety standards.
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Pebblebrook Hotel Trust (NYSE: PEB) has declared a quarterly cash dividend of $0.01 per common share, payable on April 15, 2021, to shareholders of record as of March 31, 2021. Additionally, the Company announced cash dividends for its preferred shares, including $0.40625 for Series C, $0.39844 for Series D and E, and $0.39375 for Series F, all payable on April 15, 2021. As the largest owner of urban and resort lifestyle hotels in the U.S., Pebblebrook emphasizes its commitment to rewarding shareholders amidst ongoing economic challenges.
Curator Hotel & Resort Collection has announced the addition of 13 new member hotels from Noble House Hotels & Resorts, enhancing its portfolio shortly after its launch in November 2020. This collaboration allows member hotels to leverage cost-saving operating agreements and technology, aiming to improve their operational performance and guest experiences. Noble House CEO Jake Donoghue emphasized the benefits of reduced expenses and increased focus on revenue generation as hotel demand rebounds post-pandemic. Curator has onboarded 49 out of 120 prospective hotels from its founding members.
Pebblebrook Hotel Trust (NYSE: PEB) will report its financial results for Q1 2021 on April 29, 2021, after market close. A conference call will follow on April 30, 2021, at 9:00 AM ET. Interested participants can join by dialing (877) 705-6003 or accessing a live webcast on the company's website. Pebblebrook is the largest owner of urban and resort lifestyle hotels in the U.S., managing 53 hotels with approximately 13,200 guest rooms across 14 markets, primarily on the West Coast.
Pebblebrook Hotel Trust (NYSE: PEB) reports that 38 out of its portfolio's hotels are operational, contributing 73% of the 2019 Hotel EBITDA. The demand has softened due to seasonal factors and COVID-19, with expectations for recovery beginning in February 2021. The company experienced a monthly cash burn between $16 million to $21 million during Q4 2020 and raised $763.75 million through convertible notes to enhance liquidity. Despite a challenging 2020, the company anticipates gradual recovery in 2021, aiming for profitability in the latter half.
Pebblebrook Hotel Trust (NYSE: PEB) announced successful amendments to its debt agreements, including a $650 million senior unsecured revolving credit facility and $1.6 billion in term loans. Maturity for $21 million of debt has been extended to November 2022. The amendments waive existing financial covenants until Q1 2022, allowing flexibility for acquisitions and capital improvements. The Company can continue to pay dividends during this period. CEO Raymond Martz noted increased liquidity compared to pre-COVID levels, enhancing future investment opportunities.