What is the market's earnings forecast for Pebblebrook Hotel next quarter?

What were the key takeaways from Pebblebrook Hotel's earnings call?

What is the revenue and EPS growth rate for Pebblebrook Hotel year over year?

What is Pebblebrook Hotel's gross profit margin?

What is Pebblebrook Hotel's latest dividend and current dividend yield?

What were the key takeaways from Pebblebrook Hotel’s earnings call?

What factors drove the changes in Pebblebrook Hotel's revenue and profit?

What guidance did Pebblebrook Hotel's management provide for the next earnings period?

- **Q3 performance resilient**: EBITDA beat midpoints, San Francisco and Newport Harbor lead with RevPAR gains. 
- **2026 outlook bullish**: Favorable calendar, World Cup matches, easier comps in L.A. and D.C. 
- **Balance sheet strength**: $232M cash, $100M+ free cash flow, $350M convertible notes remaining. 
- **AI and cost efficiency**: Operating expenses per room down 2%, piloting AI tools for productivity. 
- **Key risks**: Government shutdown (1-2% demand loss), international inbound lag.

**【Management Opening Remarks】**
- Q3 2025: Same-property hotel EBITDA of $105.4 million (midpoint), adjusted EBITDA of $99.2 million (+$2.2M vs. midpoint), adjusted FFO per share of $0.51 (+$0.03). 
- Key markets: San Francisco (+8.3% RevPAR), Chicago (+2.3% RevPAR), Newport Harbor Island Resort (+29% RevPAR). 
- Challenges: Los Angeles (-10.4% RevPAR due to weather, political disruption), Washington, D.C. (-16.4% RevPAR from reduced government travel). 
- Strengths: 190 bps occupancy growth, out-of-room revenue up 1.7%, operating expenses per occupied room down 2%.

**【CEO Commentary】**
- Industry trends: Demand down YoY, pricing competition, group demand weak (government, international). 
- Standout properties: Newport Harbor EBITDA up $2.9M YoY, Jekyll Island RevPAR +8%, Estancia La Jolla RevPAR +5.7%. 
- 2026 outlook: Favorable holiday calendar, World Cup matches in L.A. (8), San Francisco (6), easier comps in L.A. and D.C. 
- Q4 guidance: RevPAR -1.25% to +2%, expenses +0.8% at midpoint. 
- AI adoption: Piloting tools for hiring, service delivery, energy efficiency. 

**【CFO Financial Commentary】**
- Balance sheet: $232M cash, $100M+ free cash flow expected by end-2026. 
- Capital allocation: $65-75M capex, $72M hotel sale pending. 
- Debt management: Retired $400M convertible notes at 2% discount, $350M remaining. 
- Share buybacks: $50M repurchased at NAV discount. 

**【Q&A Highlights】**
- **San Francisco recovery**: AI-driven corporate demand, 44 sellout days in Q3, Super Bowl 2026 boost. 
- **L.A. outlook**: 2026 comps easier, film production incentives expected to resume. 
- **Transaction market**: Buyers waiting for macro clarity, public-private arbitrage opportunities. 
- **Government shutdown impact**: 1-2% demand loss, leisure travel hesitation. 
- **World Cup 2026**: 8 matches in L.A., 6 in SF, potential 30-40bps RevPAR uplift. 
- **Expense management**: Labor costs down 2% per occupied room, wage growth expected to moderate in 2026.

Pebblebrook Hotel Trust (PEB) Q3 2025 Earnings Call Transcript

- **Q2 Financial Outperformance**: EBITDA and FFO beat expectations, driven by Newport Resort and LaPlaya insurance proceeds. Same-property RevPAR +1.3% YoY, excluding L.A. +2.7%.
- **Market Recovery**: San Francisco RevPAR +15.2% YoY, Portland +10.4%, Chicago improving. Los Angeles faces short-term challenges but long-term optimism.
- **Strategic Growth**: AI pilots and redeveloped properties (e.g., Newport) driving efficiency and EBITDA growth. 2026 group pace up 9% YoY, setting up for strong demand.
- **Risks & Initiatives**: Monitoring group cancellations, wage pressures, and macro policy. Proactive risk management (e.g., insurance renewal) supports resilience.

**【CFO Financial Commentary】**
- **Q2 2025 Financial Highlights**: Same-property hotel EBITDA of $115.8M, $1.8M above midpoint. Adjusted EBITDA of $117M (+$6.5M vs. midpoint) and adjusted FFO of $0.65 per share (+$0.06 vs. midpoint). Newport Harbor Resort outperformed, contributing $1.8M to EBITDA, while LaPlaya received $1.5M in business interruption proceeds.
- **Revenue Growth**: Same-property RevPAR +1.3% YoY, driven by urban (+1.7%) and resort (+0.6%) segments. Excluding Los Angeles, RevPAR rose 2.7% YoY, with San Francisco leading at +15.2%.
- **Cost Control**: Hotel expenses (excluding fixed costs) up 1.7% YoY, with per-occupied-room expenses down 0.8%. Energy costs declined 2.1% due to efficiency improvements.
- **Insurance Renewal**: Premium reduced by 10% with 13% rate drop, insurable values increased 4%, enhancing risk management.

**【CEO Operational Update】**
- **Market Performance**: Outperformed industry with RevPAR growth despite group demand softness. San Francisco, Portland, and Chicago showed strong recovery, while Los Angeles faced headwinds from media-driven safety concerns and fires.
- **Strategic Initiatives**: Piloting AI tools for cost reduction and efficiency. Redeveloped properties (e.g., Newport, Estancia) driving EBITDA growth, with Newport expected to generate $15M+ in 2025.
- **2026 Outlook**: Group pace up 9% YoY, ADR +4%, and total revenue pace +19%, setting up for potential outperformance. Key events like Super Bowl in San Francisco and World Cup matches in LA may boost demand.

**【Q&A Highlights】**
- **Los Angeles Recovery**: Westside submarkets hardest hit, but easier comps in Q4 and production incentives could aid recovery. CEO confident in long-term L.A. outlook despite short-term challenges.
- **AI Adoption**: Independent hotels likely to benefit faster due to flexible systems. Piloting AI for guest services, hiring, and operational efficiency, with potential to reshape hotel operations.
- **Wage Pressures**: Active in policy advocacy (e.g., L.A. ballot initiative) to mitigate wage increases. Cost control initiatives (e.g., tax appeals, efficiency programs) offsetting labor costs.
- **Transaction Market**: Renewed investor interest with clearer macro policy. Expect increased activity in next few quarters as debt markets stabilize.

Pebblebrook Hotel Trust (PEB) Q2 2025 Earnings Call Transcript

- **Q1 Beat**: EBITDA of $62.3M (+$4.3M vs. midpoint) and FFO of $0.16 (+$0.01) reflect operational excellence.
- **Demand Caution**: March RevPAR decline of 3.3% YoY amid macro uncertainty, but San Francisco/Portland resilient.
- **Cost Efficiency**: $3.7M QoQ expense savings via contract renegotiations and labor optimization.
- **Liquidity**: $218M cash and no debt maturities until 2026 support flexibility.
- **Travel Trends**: US outbound growth (+10%) vs. inbound decline (-3%) impacts demand balance.

**【Management Opening Remarks】**
- Q1 revenue exceeded expectations, with same-property hotel EBITDA of $62.3 million, surpassing the midpoint of guidance by $4.3 million.
- Adjusted FFO per share of $0.16 beat the midpoint of guidance by $0.01, driven by portfolio-wide operating efficiencies and cost reductions.
- Los Angeles wildfires and Hyatt Centric renovations impacted performance, but urban and resort markets showed resilience.

**【CEO Commentary】**
- March RevPAR declined 3.3% YoY due to economic uncertainty and government-related travel pullbacks, but San Francisco and Portland showed strength.
- Operational efficiency initiatives reduced expenses by $3.7 million QoQ, with a focus on renegotiating contracts and labor optimization.
- Full-year outlook revised to reflect cautious demand assumptions, with EBITDA guidance lowered by $1.5 million for Q2 and $3.5 million for Q3.

**【CFO Financial Commentary】**
- Q1 GAAP net income of $42 million and Non-GAAP EPS of $1.08 exceeded expectations, supported by $56.6 million in adjusted EBITDA.
- Capital expenditures of $16.7 million included Hyatt Centric Delfina renovations, with full-year capex maintained at $65-75 million.
- Balance sheet remains strong with $218 million cash and no debt maturities until December 2026.

**【Q&A Highlights】**
- **L.A. Recovery**: April RevPAR up 5.7% YoY, driven by leisure demand post-wildfires.
- **Expense Management**: 10% parking revenue growth at resorts highlights cost-saving opportunities.
- **International Travel**: US outbound growth (+10%) outpaces inbound (-3%), creating near-term demand headwinds.
- **Share Buybacks**: $100+ million free cash flow provides flexibility for opportunistic repurchases.

Pebblebrook Hotel Trust (PEB)-2 May 25-2025 Q1 Earnings call transcript

- **2024 Financial Beat**: Full-year RevPAR +2.1%, EBITDA +0.8%, FFO +5%, all above guidance. Q4 EBITDA $62.7M, boosted by $5.4M insurance proceeds.
- **2025 Growth Drivers**: Resort group demand +15%, California resorts RevPAR +8.8%. Urban recovery outside LA/SF (+6.9% Q4 RevPAR).
- **LA Wildfire Risk**: Q1 rooms revenue down $6.5-8.5M, full year EBITDA impact $9M. Long-term recovery from 2026-28 mega-events.
- **Expense Efficiency**: 2025 expense growth 3.1% (ex-tax credits), enabled by AI/robotics. 2024 EBITDA +$3M vs. 2023.
- **San Francisco Turnaround**: Convention room nights +70%, 2025 RevPAR growth expected mid-to-high single digits.


**【CFO Financial Summary】**
- **Full Year 2024 Results**: Same-property total RevPAR increased 2.1%, adjusted EBITDA rose 0.8% to $359.2M, and adjusted FFO per share grew 5% to $1.68, all exceeding outlook midpoints.
- **Q4 2024 Highlights**: Same-property RevPAR +1.8% (resorts +4%, urban +0.7%), adjusted EBITDA $62.7M, benefiting from $5.4M in hurricane insurance proceeds. Excluding disruptions, Q4 RevPAR growth would have been ~3.7%.
- **Expense Management**: Same-property hotel expenses before fixed costs grew 3.1% in Q4, with cost per occupied room down 1.7%. Full-year expenses grew 2.7%, driven by operational efficiencies.

**【CEO Industry & Portfolio Outlook】**
- **2025 Industry Forecast**: Demand growth 1.75%-2.25% vs. 2% GDP, RevPAR growth 1%-3%. Normalized resort rates stabilize after 2023 (-9.3%) and 2024 (-4.7%) declines.
- **Market Performance**: 
  - **Resorts**: Group demand +15%, California resorts RevPAR +8.8%, occupancy +6.6pts. Group mix 26% of revenue (vs. 25.6% FY23).
  - **Urban**: San Francisco, San Diego, and Chicago show recovery, but LA and Portland lag. Excluding these, urban RevPAR +6.9% in Q4.
- **Capital Allocation**: $65-75M 2025 capex (vs. $91M in 2024), with focus on LA Playa Beach Resort rebuild and potential Margaritaville conversion.
- **Risk Factors**: LA wildfires (Q1 rooms revenue impact $6.5-8.5M, full year $9-12M), tax credit uncertainty (100bps expense headwind), and policy risks.

**【Q&A Key Takeaways】**
- **LA Wildfires Impact**: Q1 2025 rooms revenue down 380bps, total RevPAR -320bps. Full year EBITDA reduction $9M. Long-term recovery driven by rebuild and 2026-28 events (World Cup, Olympics).
- **Operating Efficiency**: 2025 expense growth 4.1% (3.1% ex-tax credits), enabled by AI, robotics, and best practices. 2024 EBITDA +$3M vs. 2023.
- **Disposition Strategy**: Opportunistic sales to reduce leverage, with proceeds likely used for buybacks (stock at 50% NAV discount) and debt repayment.
- **San Francisco Recovery**: Convention room nights +70%, group/transient/leisure demand all improving. 2025 RevPAR growth expected mid-to-high single digits.


Pebblebrook Hotel Trust (PEB) Q4 2024 Earnings Call Transcript

- **Revenue Resilience**: Q3 RevPAR +2.2% (2.4% ex-hurricanes), outpacing industry 0.9% growth. Urban and resort occupancy gains driven by group and leisure demand.
- **Profit Beat**: Adjusted EBITDA +$8.7M, AFFO +$9.7M vs. guidance. Business interruption proceeds offset hurricane losses.
- **Cost Efficiency**: 3.2% expense growth vs. 4.2% occupancy, reducing cost per room. 2025+ CapEx to drop to $65M-$75M.
- **2025 Growth**: Group bookings +6.2% YTD, resorts +11.2%. Urban markets (Chicago, San Diego) forecast 8.1% RevPAR growth.
- **Storm Recovery**: LaPlaya targeting Q1 2025 reopening. 2025 EBITDA could exceed pre-hurricane $24M.
- **Wage Trends**: 2025 wage increases lower than 2024, union agreements driving urban market costs.

**【CEO Summary Section】**
- **Revenue Performance**: Q3 same-property RevPAR increased 2.2% (2.4% excluding hurricane impact), outpacing industry growth of 0.9%. Urban and resort properties saw occupancy gains driven by group demand and leisure travel recovery.
- **Profitability**: Adjusted EBITDA exceeded Q3 outlook by $8.7M, and adjusted AFFO beat midpoint by $9.7M. Business interruption proceeds ($7.1M) offset hurricane-related losses.
- **Cost Management**: Same-property hotel expenses rose 3.2% vs. 4.2% occupancy growth, reducing cost per occupied room. Year-to-date expenses up 2.7% vs. 3.7% occupancy growth.
- **Capital Allocation**: $90M-$95M in 2024 capital spend, with major redevelopments largely complete. 2025+ CapEx expected to drop to $65M-$75M.
- **2025 Outlook**: Group room nights up 6.2% YTD, with resorts leading at 11.2% growth. Urban markets like Chicago, San Diego, and Boston forecast 8.1% RevPAR growth.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $1.05 guidance). Adjusted AFFO per share $1.23 (vs. $1.15-$1.21 range).
- **Storm Impact**: Q4 RevPAR expected to decline 100bps due to hurricanes, with $10M EBITDA impact (including LaPlaya). Hyatt rebranding in Q4 to reduce RevPAR by 100bps.
- **Balance Sheet**: $400M 2029 senior notes issued, extending debt maturities to 2026. Weighted average interest rate 4.3%.
- **Share Repurchases**: $100M+ annual free cash flow used for buybacks, with asset sales proceeds as primary funding source.

**【Q&A Key Takeaways】**
- **LaPlaya Recovery**: Targeting Q1 2025 reopening of Beach House ground floor. Insurance-covered repairs expected to minimize financial impact. 2025 EBITDA could exceed pre-hurricane $24M target.
- **Wage Growth**: 2025 wage increases likely lower than 2024, with union agreements driving higher costs in urban markets. Non-union properties follow union rates.
- **Urban Market Recovery**: San Francisco, L.A., and Portland expected to turn tailwind in 2025. Group demand growth and convention calendar improvements (e.g., San Francisco +50% in 2025) support recovery.
- **Curator Progress**: 100+ member hotels benefit from cost-saving partnerships (e.g., Avendra contracts). AI tools and digital marketing initiatives enhance operational efficiency.
- **2025 Demand Outlook**: Industry demand growth aligning with GDP, limited supply growth. Business transient and group demand recovery, leisure travel normalization, and international inbound rebound expected to drive growth.

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