Pebblebrook Hotel Trust
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Pebblebrook Hotel Trust (PEB) investor relations material

Pebblebrook Hotel Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Fourth quarter and full-year 2025 results exceeded expectations, with strong growth despite government shutdown disruptions and macroeconomic headwinds.

  • Portfolio repositioned since 2019 toward higher-quality leisure and group demand, with increased resort and East Coast concentration and reduced West Coast urban exposure.

  • Largest owner of luxury and upper-upscale lifestyle hotels in the US, with 44 hotels across 13 urban and resort markets and a balanced business/leisure customer mix.

  • Portfolio benefited from urban market recovery and resilient leisure demand, especially in San Francisco, despite policy and weather disruptions.

  • Strategic focus on closing NAV discount through EBITDA ramp, targeted dispositions, deleveraging, and share repurchases.

Financial highlights

  • Same-property total RevPAR increased 2.9% in Q4 2025, with hotel EBITDA up 3.9% to $64.6M, $2.2M above outlook midpoint.

  • Adjusted EBITDAre was $342.5M for 2025, $6M above the outlook midpoint; Adjusted FFO per diluted share was $1.58, $0.05 above guidance.

  • Adjusted EBITDA rose 11.1% year-over-year to $69.7M in Q4; Adjusted EPS per share increased to $0.27, up $0.07 and 35% from Q4 2024.

  • Full-year resort EBITDA increased 1.3%; Newport Harbor Island Resort saw RevPAR up 38.5% and EBITDA up $9.3M post-redevelopment.

  • San Francisco portfolio Q4 RevPAR up over 32%, full-year RevPAR up 15.1%-17.5%, and hotel EBITDA up 58.5%.

Outlook and guidance

  • 2026 guidance: Net income/(loss) of ($10.4) to $3.6M; Adjusted EBITDAre of $325M-$339M; Adjusted FFO per diluted share of $1.50-$1.62.

  • RevPAR growth forecasted at 2.25%-4.25% for 2026; Q1 2026 RevPAR outlook is 7.5%-9%.

  • Same-property EBITDA expected to increase 2.1%-6% in 2026; per-share Adjusted EBITDAre expected to remain stable due to share repurchases.

  • Over the next three years, $86M incremental Hotel EBITDA targeted from redevelopment ROI, La Playa ramp-up, and urban recovery.

  • Guidance remains conservative due to policy and geopolitical risks, despite positive early 2026 trends.

Lower capex impact on shareholder returns
Key market trends driving 2026 optimism
Corporate efficiency initiatives' margin impact
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Q1 20261 May, 2026
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Frequently asked questions

Pebblebrook Hotel Trust is a real estate investment trust that acquires and operates upper-upscale and luxury hotels. The company’s portfolio consists primarily of urban and resort properties located in major U.S. markets, operated under independent and branded platforms. The company is headquartered in Bethesda, Maryland, and its shares are listed on the NYSE.

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