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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.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.
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