Pebblebrook Hotel ( (PEB) ) has released its Q3 earnings. Here is a breakdown of the information Pebblebrook Hotel presented to its investors.
Pebblebrook Hotel Trust is a publicly traded real estate investment trust and the largest owner of urban and resort lifestyle hotels and resorts in the United States, owning 46 properties across 13 markets.
Pebblebrook Hotel Trust reported a net income of $45.1 million for the third quarter of 2024, highlighting a 2.7% growth in Same-Property Total RevPAR compared to the previous year. The company faced challenges from hurricanes affecting its southeast resorts, but strong urban and resort occupancy underscored resilience and recovery.
In the third quarter, Pebblebrook’s Same-Property Hotel EBITDA slightly declined to $110.8 million, while Adjusted EBITDAre decreased by 3.3% to $112.2 million due to hurricane-related disruptions. The company initiated a $16 million refresh of the Hyatt Centric Delfina Santa Monica and issued $400 million in senior notes to strengthen its balance sheet.
Despite the adverse weather conditions, Pebblebrook maintained its strategic focus by extending debt maturities and enhancing liquidity, with no major debt due until December 2026. The company’s portfolio continued to benefit from its investments in property enhancements and technology to drive operational efficiency.
Looking forward, Pebblebrook anticipates a net loss for 2024, impacted by recent hurricanes, but expects to mitigate financial setbacks through insurance proceeds. Continued demand from business and leisure travelers is projected to support future growth, even amid macroeconomic uncertainties.
