Pebblebrook Hotel reports Q3 AFFO 61c, consensus 57c

Reports Q3 revenue $395.7M, consensus $392.79M. Same-Property Total RevPAR increased 0.2% vs. 2022, with urban markets rising 4.3%, leading the portfolio’s growth. “Our third quarter bottom line results were at the top end of our expectations, even after the negative impact of severe weather events on both coasts and the labor strikes in the entertainment industry that primarily affected our Los Angeles properties. We continued to see healthy occupancy improvements in our urban market hotels, driven by improving group and transient business travel, as well as solid gains in weekend leisure demand. Our third quarter resort portfolio occupancy was flat year-over-year, though it would have been higher if not for the severe weather events. “During the quarter, we successfully completed the redevelopment and reflagging of the former Solamar Hotel as the Margaritaville Hotel San Diego Gaslamp Quarter. This transformation has created an exceptional lifestyle experience in San Diego’s vibrant Gaslamp district, renowned for its entertainment offerings and close proximity to San Diego’s convention center. We’re very excited about the upside opportunity for this fantastic, unique, like-new urban lifestyle hotel.” -Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust