Q1 2026 Pebblebrook Hotel Trust Earnings Call Transcript
Key Points
- Pebblebrook Hotel Trust (PEB) reported an exceptional first quarter, with financial results exceeding the high end of their outlook across key earnings metrics.
- Same property hotel EBITDA increased by 27.6% to $82.2 million, significantly surpassing expectations.
- The company achieved a broad-based performance improvement, with 32 hotels exceeding revenue forecasts and 34 exceeding GOP forecasts.
- RevPAR growth was strong across various markets, with San Francisco and Los Angeles showing significant recovery.
- Pebblebrook Hotel Trust (PEB) maintained strong liquidity, ending the quarter with $204.6 million in cash and restricted cash, and a favorable net debt to EBITDA ratio of 5.5 times.
- Washington, DC, and Boston were challenging markets in Q1, with RevPAR declining due to difficult comparisons and external factors.
- The company remains cautious about the rest of the year due to geopolitical risks, higher fuel prices, and broader economic uncertainty.
- Visibility on booking trends has shortened, adding uncertainty to future performance.
- The potential impact of the ongoing conflict in the Middle East on travel demand and booking patterns is a concern.
- Despite strong Q1 results, Pebblebrook Hotel Trust (PEB) is not assuming the balance of the year will be as favorable, reflecting a cautious outlook.
Greetings and welcome to 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, Raymond Martz, Co-President and Chief Financial Officer. Thank you. Please go ahead.
Thank you, Donna, and good morning, everyone. Welcome to our first-quarter 2026 earnings call. Joining me today is Jon 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, April 29, 2026, and today's comments may include forward-looking statements that are subject to various risks and uncertainties. Please review 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 first-quarter
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