Q4 2025 Pebblebrook Hotel Trust Earnings Call Transcript
Key Points
- Pebblebrook Hotel Trust (PEB) reported stronger than expected fourth-quarter growth despite demand disruptions from a government shutdown.
- Same property Hotel EBITDA grew 3.9% to $64.6 million, exceeding the midpoint of the company's outlook.
- Adjusted EBITDA for the year climbed 11.1% to $69.7 million, supported by strong hotel results and lower corporate G&A expenses.
- The company's strategic reinvestment program has led to significant growth in out-of-room revenue, with non-room repar climbing 5.5%.
- San Francisco showed a robust recovery, with fourth-quarter total revPAR increasing more than 32%, driven by a broad-based recovery across all demand segments.
- Markets like Los Angeles and Washington DC weighed on headline numbers due to unexpected events, obscuring underlying portfolio strength.
- ADR declined by 1.6% in the fourth quarter, impacting overall revenue growth.
- Group occupancy declined slightly, primarily due to lower attendance and cancellations from government and government-impacted segments.
- The company faced disruptions such as fires, ICE raids, and government shutdowns, impacting markets like San Diego, Washington DC, and Los Angeles.
- The company remains cautious in its outlook for 2026 due to policy and geopolitical risks, despite a positive setup for the year.
Greetings, and welcome to Pebblebrook Hotel Trust fourth-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Raymond Martz, Co-President and Chief Financial Officer. Thank you. Please go ahead.
Thank you, Donna, and good morning, everyone. Welcome to our fourth-quarter 2025 earnings call. Joining me today is John Bortz, our Chairman and Chief Executive Officer, and Tom Fisher, our co-President and Chief Investment Officer.
Before we begin, I'd like to remind everyone that our remarks are as of today, February 26, 2026, and comments may include forward-looking statements that are subject to various risk and uncertainties. Please refer to our SEC filings for a detailed discussion of these risk factors and visit our website for reconciliations of any non-GAAP financial measures mentioned today.
Now let's jump into the 4th quarter and 4
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