Pebblebrook Hotel Trust - PEB STOCK NEWS

Pebblebrook Hotel Trust (NYSE: PEB) reported a net loss of $22.0 million for Q1 2023, an improvement from a loss of $100.2 million in Q1 2022. Same-Property Total RevPAR increased by 23.8% year-over-year, with EBITDA rising 25.4% to $59.3 million. Adjusted FFO per diluted share reached $0.18, compared to $0.11 in the previous year. The company completed $135.3 million in property sales, including properties in Portland and Chicago, and has executed contracts for additional sales. Looking ahead, the company anticipates net income for Q2 2023 to be between $34.0 million and $38.9 million with Same-Property RevPAR projected to grow by 1% to 4%. Despite challenges from ongoing renovations and adverse weather conditions, demand in urban markets remains strong.

The Viceroy Santa Monica has completed a comprehensive $21 million renovation, led by award-winning design studio EDG. This transformation includes entirely new guestrooms and suites, redesigned common areas, and an extensive outdoor space featuring the signature restaurant, Sugar Palm. The hotel celebrates local artistry with a curated art collection and promotes sustainability by repurposing materials and emphasizing plant-based dining. CEO Bill Walshe expressed excitement about the reimagined hotel, which aims to enhance guest experiences through luxury and immersive environments. Situated on Ocean Avenue, the Viceroy remains a prominent lifestyle hotel in Santa Monica, offering access to various attractions and beachside leisure.

Pebblebrook Hotel Trust (NYSE: PEB) is set to release its financial results for Q1 2023 on April 26, 2023, after market close. A conference call will follow on April 27, 2023, at 10:00 AM ET, available via phone and a live webcast on their website. Pebblebrook, the largest owner of urban and resort lifestyle hotels in the U.S., currently holds 49 hotels with around 12,500 guest rooms. These results will reflect the company’s operational performance as it continues to navigate the hospitality market.

Pebblebrook Hotel Trust (NYSE: PEB) announced the sale of Hotel Colonnade Coral Gables for $63 million on March 28, 2023. The hotel generated a net operating income of $4.1 million and Hotel EBITDA of $4.8 million for the trailing twelve months ended December 31, 2022. The sale price reflects a 15.4x EBITDA multiple and a 5.5% net operating income capitalization rate. Proceeds from the sale will be utilized for general corporate purposes, including potential debt reduction and equity share buybacks. Pebblebrook Hotel Trust is a leading REIT with 49 hotels and resorts across 14 markets.

Pebblebrook Hotel Trust (NYSE: PEB) has released an update on its recent operating trends, emphasizing its position as a leading publicly traded real estate investment trust (REIT) focused on urban and resort lifestyle hotels. The company owns 50 hotels with approximately 12,600 guest rooms across 15 markets in the United States. For further details on the operating trends, an updated presentation is available on their investor website.

Pebblebrook Hotel Trust (NYSE: PEB) has completed the sale of a fully occupied retail property at 909 North Michigan Avenue for $27.3 million. The 5,860 square-foot parcel, which has a cap rate of approximately 7.7%, is adjacent to the Company's Westin Michigan Avenue Chicago hotel. Proceeds from the sale will support general corporate purposes, potentially including debt reduction and share repurchases. Pebblebrook continues to be a major player in the U.S. hotel market, owning 50 hotels totaling around 12,600 guest rooms across 15 urban and resort markets.