Q1 2025 Pebblebrook Hotel Trust Earnings Call Transcript
Key Points
- Pebblebrook Hotel Trust (PEB) exceeded expectations for the first quarter of 2025, with strong occupancy gains and elevated ancillary revenue at resorts.
- The company achieved significant improvements in portfolio-wide operating efficiencies, holding expense growth well below outlook.
- Same property Hotel EBITDA totaled $62.3 million, surpassing the midpoint of the outlook by $4.3 million.
- Adjusted EBITDA came in at $56.6 million, $4.1 million above the outlook midpoint, and adjusted FFO was $0.16 per share, $0.05 above the midpoint.
- San Francisco and Washington DC showed strong performance, with RevPAR increases of 13% and 14.7% respectively, driven by business group and transient travel.
- Urban total RevPAR declined 2.2%, impacted by the LA fires and the Hyatt Centric conversion and renovation.
- March saw a softening in demand, with travel cancellations and reduced government-related travel impacting performance.
- Los Angeles properties experienced a challenging quarter with RevPAR declining 23.4% due to the fires, significantly affecting overall portfolio performance.
- The company anticipates a potential economic slowdown in the second half of the year, leading to a cautious outlook revision.
- International inbound travel declined by 10% in March, with ongoing concerns about the impact of US government policies on future travel demand.
Greetings and welcome to the Pebblebrook Hotel Trust first-quarter earnings conference call.
(Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Ray Martz, co-President and Chief Financial Officer.
Thank you, sir. You may begin.
Thank you, Christine, and good morning everyone. Welcome to our first-quarter of 2025 earnings call. Joining me today is Jon Bortz , our Chairman and Chief Executive Officer; and Tom Fisher, our co-President and Chief Investment Officer.
But before we begin, I'd like to remind everyone that today's comments are effective only for today, May 2, 2025. Our comments may include forward statements which are subject to risk and uncertainties. Please refer to our SEC filings for a thorough discussion of these risk factors and visit our website for detailed reconciliations of any non-GAAP financial measures discussed during the call. Now
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