Welcome to our dedicated page for Pebblebrook Hotel Trust news (Ticker: PEB), a resource for investors and traders seeking the latest updates and insights on Pebblebrook Hotel Trust stock.
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (REIT) specializing in the strategic acquisition and investment in upper-upscale, full-service hotels in prominent urban centers and gateway cities across the United States. Established to capitalize on prime hotel properties, Pebblebrook's portfolio comprises 46 hotels totaling approximately 11,924 guest rooms. The company emphasizes properties in major markets such as San Francisco, Los Angeles, Boston, New York, Miami, and Washington, DC, among others.
Pebblebrook Hotel Trust's properties are diverse, including both independent and branded luxury hotels managed under reputable names like Marriott, Starwood, InterContinental, Hilton, and Hyatt. This strategic diversification ensures a robust market presence and caters to a wide range of high-end travelers.
In December 2018, Pebblebrook notably acquired LaSalle Hotel Properties, which added 41 hotels with 10,451 rooms to its portfolio. Since then, the company has been active in refining and optimizing its portfolio through selective sales and acquisitions, focusing on enhancing the overall quality and performance of its investments.
The company recently unveiled a significant $25 million renovation at the Jekyll Island Club Resort and the Jekyll Ocean Club. This transformation highlights Pebblebrook's commitment to preserving historic assets while modernizing guest experiences. These efforts include updates to guest rooms, public spaces, and dining areas, all designed to maintain the resort's historical integrity and natural charm.
Pebblebrook Hotel Trust's strategic initiatives also extend to partnerships and collaborations aimed at boosting its market position and delivering superior guest experiences. Their focus on high-demand urban and resort markets ensures sustained growth and resilience against market fluctuations.
Financially, Pebblebrook continues to demonstrate robust performance, underpinned by strong revenue streams from its premium hotel properties. Their approach to maintaining a diverse yet coherent portfolio positions them well within the competitive landscape of luxury hospitality.
For more information about Pebblebrook Hotel Trust, including the latest updates and developments, visit their official website at www.pebblebrookhotels.com.
Curator Hotel & Resort Collection has expanded with the addition of eight new hotels, boosting its portfolio to 96 properties across 48 destinations. Notable additions include The Olive Ann in Grand Forks, North Dakota, which is under development and set to open in fall 2023, and multiple hotels in California and Florida. This expansion highlights Curator's commitment to providing innovative technology and operational support, enhancing cost-saving opportunities for member hotels. The group is approaching 100 preferred agreements across various categories, indicating strong growth potential.
Pebblebrook Hotel Trust (NYSE: PEB) announced a quarterly cash dividend of $0.01 per common share, payable on January 17, 2023, to shareholders on record as of December 30, 2022.
The Board declared quarterly cash dividends for preferred shares as follows: $0.39844 (Series E), $0.39375 (Series F), $0.39844 (Series G), and $0.35625 (Series H), all payable on January 17, 2023.
Pebblebrook Hotel Trust (NYSE: PEB) reported Q3 financial highlights with a net income of $26.3 million, showing a remarkable recovery. Same-Property RevPAR surged by 45.9% versus 2021, and 1.3% compared to 2019. Total revenues reached $403.9 million, exceeding 2021 by 44.2% and 2019 by 2.5%. Despite Hurricane Ian causing an estimated $2 million revenue loss, urban markets saw strong demand, especially in cities like San Francisco and Chicago. The company completed sales of three properties for $183.9 million and refinanced $2 billion, enhancing liquidity. Adjusted FFO per diluted share rose to $0.66.
Pebblebrook Hotel Trust (NYSE: PEB) has released an update on its recent operating trends, confirming its position as the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 51 hotels and resorts, totaling approximately 12,800 guest rooms across 15 markets. For detailed information on the current operating trends, stakeholders can access the updated presentation on its official website.
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.
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