The following is a summary of the Pebblebrook Hotel Trust (PEB) Q1 2024 Earnings Call Transcript:
Financial Performance:
PEB exceeded financial predictions with key figures such as same-property hotel EBITDA, adjusted EBITDA, and adjusted FFO despite challenging weather.
RevPar at urban properties increased by 5%, offsetting a 4.4% decline at resorts.
The same-property portfolio continued to recover with an increase in occupancy and RevPar in contrast to Q1 of the previous year.
PEB exceeded their Q1 outlook by $2.8 million in same-property EBITDA, $5.3 million in adjusted EBITDA and $0.05 in adjusted FFO per share.
Made an investment of $33.9 million across the portfolio in Q1, with a projected total spend of $85-90 million for the year.
Business Progress:
Urban markets like Washington D.C. and San Diego experienced a boost in hotel occupancy and RevPar.
Despite adverse weather, Key West Resorts reported positive RevPAR growth.
Newly developed properties in San Diego reported a significant increase in RevPAR compared to Q1 2023.
Ventured into the growing market of alternative accommodation offerings and maintained financial stability with no major debt maturing until October 2025.
PEB improved operational efficiency by introducing cost-reducing and process-improving systems.
The company has seen a steady recovery in business transient travel from technology firms and financial and consulting businesses.
Plans to invest in buying back its own stocks and expects to profit from its resort assets. Some slow-to-recover urban assets may be sold.
Generated over $330 million from transactions last year and plans to remain proactive in its efforts despite anticipating a slowdown in transactions this year.
More details: Pebblebrook Hotel Trust IR
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