Pebblebrook Hotel Trust Q4 EBITDA Jumps 11.1% to $69.7M
Same-property occupancy rose 190 basis points in Q4, driving a 1.2% RevPAR increase alongside a 5.5% gain in non-room RevPAR that lifted total RevPAR 2.9%. Adjusted EBITDA climbed 11.1% to $69.7 million and adjusted EPS reached $0.27, $0.05 above guidance.
1. Operational Performance
Pebblebrook reported a 190 basis point rise in same-property occupancy and a 1.6% ADR decline that resulted in a 1.2% RevPAR increase in Q4. Non-room RevPAR rose 5.5%, driving a 2.9% gain in total RevPAR, led by redeveloped resorts and a 37.9% RevPAR surge in San Francisco.
2. Financial Results and Capital Allocation
Adjusted EBITDA increased 11.1% year over year to $69.7 million, about $6 million above the midpoint, while adjusted EPS rose 35% to $0.27, $0.05 above guidance. The company completed over $116 million in asset sales, refinanced $450 million of debt, and repurchased $71.3 million of shares.
3. 2026 Outlook and Guidance
Management lowered 2026 CapEx to $65–75 million and guided to 2%–4% full-year RevPAR growth, with Q1 RevPAR expected to rise 7.5%–9%. Cost controls and business interruption proceeds at LaPlaya support a conservative outlook, with no additional interruption income forecast for 2026.