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) reported strong Q4 2024 results, exceeding expectations due to robust resort demand and impressive performances at recently redeveloped properties. The company successfully controlled operating expenses, with Same-Property expenses rising just 3.1% year-over-year in Q4.
Key developments include:
- Los Angeles wildfires impact: Significant business cancellations affecting nine LA area hotels, with projected ~$9.0 million Hotel EBITDA impact
- LaPlaya Beach Resort progress: Partially reopened after hurricane damage, generating $19.0 million in Hotel EBITDA for 2024
- Capital investments: $91.0 million invested in 2024, completing major redevelopment projects
- Share repurchases: 1.1 million common shares bought at average $13.29 per share
- Balance sheet: Completed $1.6 billion in debt financings and extensions
For 2025, the company expects reduced capital investments of $65-75 million, focusing on regular maintenance and minor refreshes.
Pebblebrook Hotel Trust (NYSE: PEB) has announced its dividend tax treatment for 2024. The company will distribute quarterly common share dividends of $0.01 per share, payable on April 15, July 15, and October 15, 2024. These distributions are classified as nondividend distributions.
For preferred shares (PEB/PRE, PEB/PRF, PEB/PRG, and PEB/PRH), quarterly dividends range from $0.356250 to $0.398440 per share, with portions classified as ordinary dividends and nondividend distributions. The company, as the largest owner of urban and resort lifestyle hotels in the United States, currently owns 46 hotels with approximately 12,000 guest rooms across 13 markets.
Pebblebrook Hotel Trust (NYSE: PEB) has announced nominations for its 13th Annual Pebby Awards, recognizing outstanding hotel performances in 2024. The Embassy Suites San Diego Bay – Downtown leads with seven nominations, followed by the Hotel Chicago Downtown with five nominations.
The awards span various categories including Best Picture for overall performance, Best Director for management excellence, and Best Actor/Actress for sales and marketing achievements. Other categories recognize community impact, revenue management, profitability, renovation success, energy conservation, and guest experience.
Notable nominees include Margaritaville Hotel San Diego Gaslamp Quarter, 1 Hotel San Francisco, and LaPlaya Beach Resort & Club across multiple categories. The winners will be announced on February 28, 2025, at 3:00 PM ET, with live updates available on X (formerly Twitter) @PebblebrookPEB.
Pebblebrook Hotel Trust (NYSE: PEB) has announced it will release its financial and operating results for Q4 2024 on Wednesday, February 26, 2025, after market close. The company will host its quarterly conference call on Thursday, February 27, 2025, at 9:00 AM ET.
Interested participants can join the call by dialing (877) 407-3982 at approximately 8:50 AM ET. A live webcast will be available through the company's website at pebblebrookhotels.com. The conference call webcast will be archived and accessible through the Investor Relations section of the website.
Pebblebrook Hotel Trust is the largest owner of urban and resort lifestyle hotels in the United States, with a portfolio of 46 hotels comprising approximately 12,000 guest rooms across 13 urban and resort markets.
Pebblebrook Hotel Trust (NYSE: PEB) has declared its quarterly dividends for Q4 2024. The company will pay $0.01 per common share on January 15, 2025, to shareholders of record as of December 31, 2024. Additionally, the company declared preferred share dividends: $0.39844 for Series E (6.375%), $0.39375 for Series F (6.3%), $0.39844 for Series G (6.375%), and $0.35625 for Series H (5.7%) shares.
Pebblebrook is the largest owner of urban and resort lifestyle hotels in the United States, with a portfolio of 46 hotels comprising approximately 12,000 guest rooms across 13 urban and resort markets.
Pebblebrook Hotel Trust (NYSE: PEB) reported Q3 2024 results with net income of $45.1 million. Same-Property Total RevPAR grew 2.7%, with urban properties up 2.7% and resort properties up 2.5%. However, Same-Property Hotel EBITDA decreased 1.0% to $110.8 million, and Adjusted EBITDAre declined 3.3% to $112.2 million. The company received $7.1 million in unexpected insurance proceeds.
Hurricanes Debby and Helene negatively impacted Q3 performance, reducing Same-Property Total Revenues by $1.2 million. The company issued $400 million in senior notes and extended $787 million in debt maturities. The 2024 outlook was revised downward, with net loss projected between ($19.4) to ($15.4) million, primarily due to hurricane impacts.
Pebblebrook Hotel Trust (NYSE: PEB) has successfully extended $787 million in debt maturities, enhancing its financial flexibility. The company extended $185.2 million of its 2025 term loan to 2029 and $602 million of its $650 million revolving credit facility to 2029. Following these extensions and a recent $400 million senior notes offering, PEB has executed approximately $1.2 billion in debt financings and extensions. The company's debt profile shows a weighted average interest rate of 4.3% on $2.3 billion outstanding debt, with 91% at fixed rates and 91% unsecured. These refinancing efforts ensure no significant debt maturities until December 2026.
Pebblebrook Hotel Trust (NYSE: PEB) provided an update on hurricane impacts to its properties. LaPlaya Beach Resort & Club in Naples, Florida, was affected by Hurricanes Helene and Milton, with partial reopening scheduled for November 1, 2024. The Beach House building remains closed until Q1 2025. While repair costs are expected to be covered by insurance, the company reports significant operational impacts.
The storms are estimated to impact 2024 performance with: $11.5 million decrease in Net Income, $4.2 million reduction in Same-Property Total Revenue, and $0.10 decrease in Adjusted FFO per share. Other southeastern properties remained operational but experienced cancellations and reduced bookings.
Pebblebrook Hotel Trust (NYSE: PEB) announced the closing of a $400 million private placement of 6.375% Senior Notes due 2029 through its operating partnership. The notes are senior unsecured obligations, initially guaranteed by the Company and its subsidiaries. Approximately $353.3 million of the net proceeds were used to pay down three unsecured term loans, resulting in no meaningful debt maturities until December 2026.
Following the repayments, the remaining outstanding principal amounts of the Operating Partnership's term loans maturing in October 2024, October 2025, and October 2027 are $0, $200.0 million, and $360.0 million, respectively. The notes were offered only to qualified institutional buyers and certain non-U.S. persons in offshore transactions.
Pebblebrook Hotel Trust (NYSE: PEB) has released its sixth annual Corporate Sustainability Report, highlighting the company's 2023 performance and efforts towards sustainable business practices. The report aligns with international standards such as GRI, SASB, and TCFD. Key achievements include:
- 38% reduction in greenhouse gas emissions intensity per square foot
- 24% decrease in energy intensity per square foot
- 67% decline in waste intensity per occupied room
The report also showcases asset resiliency improvements, sustainable initiatives, and biodiversity programs at various properties. Pebblebrook demonstrates a strong commitment to diversity, with 52% of its workforce being female and 50% of independent Board members representing diverse backgrounds. The company's ongoing support for charitable organizations and employee volunteerism is also highlighted.