Pebblebrook Hotel Trust Exceeds Q2 Guidance with Strong Performance in Resorts and San Francisco
Pebblebrook Hotel Trust (PEB) reported second-quarter results that exceeded its guidance, driven by strong performance from resort properties and a rebound in the San Francisco market. Same-property hotel EBITDA rose 7.1% year-over-year to $123.3 million, while adjusted FFO reached $0.68 per diluted share—$0.06 above expectations. RevPAR increased 6.5%, primarily due to a 4.7% rise in average daily rates rather than occupancy gains. Resort properties were the main contributors to growth, with resort RevPAR climbing 12%. Notable performers included LaPlaya and Paradise Point in San Diego, as well as recently redeveloped resorts like Newport and Estancia. In urban markets, San Francisco led recovery efforts with a 16% increase in RevPAR due to major citywide events such as Snowflake and Databricks conferences. Despite strong results from certain segments, performance was mixed across the portfolio. Downtown San Diego and Washington, D.C., saw declines in RevPAR amid weak demand and leadership changes.
Topics: ebitda hotel_reits revenue_growth revpar