Pebblebrook Hotel Trust Earnings Call Transcripts
Fiscal Year 2026
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Q1 results exceeded expectations with broad-based revenue and EBITDA growth, especially in San Francisco and L.A., supported by strong leisure and business demand, disciplined expense control, and major events. Outlook for 2026 is positive but cautious due to geopolitical risks and economic uncertainty.
Fiscal Year 2025
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Fourth quarter and full-year 2025 results exceeded expectations, driven by strong performance in redeveloped resorts and urban recovery markets, especially San Francisco. 2026 guidance is cautious but optimistic, with continued margin expansion, disciplined capital allocation, and a favorable industry setup.
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Q3 results met expectations with strong cost controls and standout performance in San Francisco and redeveloped resorts, while LA and D.C. lagged. 2026 outlook is optimistic, supported by favorable event calendars, low supply growth, and continued operational efficiencies.
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Second quarter results exceeded expectations, with strong EBITDA and FFO, driven by occupancy gains, cost discipline, and outperformance in redeveloped properties. Outlook for 2026 is optimistic, despite macro uncertainty and LA headwinds, with major events and group demand expected to drive growth.
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First quarter results exceeded expectations, driven by strong resort performance and cost controls, despite headwinds from LA wildfires and economic uncertainty. Guidance for the second half was lowered due to macro risks, but liquidity and capital flexibility remain strong.
Fiscal Year 2024
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Fourth quarter and full year 2024 results exceeded expectations, led by strong resort and redeveloped property performance. 2025 guidance anticipates continued growth, though LA wildfires will impact revenue and EBITDA, while San Francisco and D.C. are poised for strong recoveries.
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Q3 results met expectations despite hurricane impacts, with strong RevPAR and EBITDA growth driven by redeveloped properties and urban market recovery. Outlook for 2025 is positive, supported by robust group bookings, limited supply, and improved cost controls.
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Q2 results exceeded expectations with strong urban and group demand, operational efficiencies, and successful redevelopments. 2024 guidance for EBITDA and FFO was raised, though RevPAR growth outlook was trimmed due to ADR pressure and macro headwinds. Supply growth remains limited.