Pebblebrook Hotel Trust Announces Update on Recent Operating Trends

Pebblebrook Hotel Trust;

Pebblebrook Hotel Trust (NYSE: PEB) today announced an update on recent operating trends, including:

  • Operating Trends: Overall operating trends continue to improve each week, and the Company expects to achieve positive Adjusted EBITDAre in the second quarter of 2021;
  • Strong leisure demand; Business transient demand improving: Leisure demand continues to show robust growth. Business transient travel is in the early stages of its recovery, and the Company is encouraged with improved group activity and booking trends;
  • Balance Sheet: The Company currently estimates its liquidity to be approximately $950 million, with no material debt maturities until the fourth quarter of 2022. All debt remains 100% unsecured;
  • Capital Available for Acquisitions: The Company has over $330 million available for acquisitions as a result of recent dispositions and its $230 million Series G Cumulative Redeemable Preferred Shares issuance; and,
  • Recent Renovations and Redevelopments: Half of Pebblebrook’s portfolio has been recently or is currently being redeveloped and transformed to higher quality levels. These capital reinvestment projects are expected to increase the Company’s hotel EBITDA growth rate over the next several years as customers return to travel.

Contract to Sell The Roger New York

Additionally, the Company announced that it executed a contract to sell its leasehold interest in The Roger New York for $19 million to an unaffiliated third party. The sale is subject to normal closing conditions, and the Company offers no assurances that this sale will be completed on these terms, or at all.

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 52 hotels, totaling approximately 12,800 guest rooms across 14 urban and resort markets with a focus on the west coast gateway cities

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© 2021 Hotel News Resource

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