Pebblebrook Hotel Trust Q2 hotel EBITDA rises on strong leisure, group demand at resorts
PEB•Outlook
- Pebblebrook Hotel Trust raises 2026 outlook after Q2 outperformance, maintains cautious assumptions
- Company sees 2026 Adjusted EBITDAre of $345 mln to $353 mln
- Pebblebrook expects 2026 Adjusted FFO per diluted share of $1.69 to $1.76
Overview
- U.S. hotel REIT's Q2 same-property hotel EBITDA rose 7.1% yr/yr
- Adjusted FFO per share for Q2 increased 4.6% yr/yr
- Company saw strong resort and San Francisco demand but urban DC and San Diego lagged
Result drivers
- Resorts and San Francisco - Company said Q2 growth was led by strong leisure and group demand at resorts and robust convention and business transient demand in San Francisco
- Pricing power and demand mix - Higher transient demand and improved pricing drove RevPAR gains, while group revenue declined due to weaker convention calendars in some cities
- Expense control - Expense growth was kept below revenue growth, supporting margin expansion, aided by a 27% reduction in property insurance premiums
