Pebblebrook Hotel reports Q2 adjusted FFO 69c, consensus 60c

“Second quarter demand was in line with our expectations, with healthy business group, transient and leisure boosting the urban markets, and strong weekday and weekend demand positively affecting our resort portfolio,” said Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust. “Our recently redeveloped and repositioned properties – Estancia La Jolla Hotel & Spa, Skamania Lodge, Hilton Gaslamp San Diego Quarter, Margaritaville San Diego Gaslamp Quarter and Newport Harbor Island Resort – are performing well, ramping up successfully and gaining market share. Our bottom-line operating results exceeded our outlook, primarily due to better-than-expected execution of operating efficiency initiatives, reduced expense pressures and slightly greater-than-expected savings from real estate tax reductions. Both our urban hotels and resorts grew Same-Property EBITDA during the second quarter, which is very encouraging.”