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Pebblebrook Hotel Trust

Pebblebrook Hotel Trust Reports 2025 Results and Provides 2026 Outlook

BETHESDA, Md.--(BUSINESS WIRE)--Feb. 25, 2026-- Pebblebrook Hotel Trust (NYSE: PEB):

2025

FINANCIAL

RESULTS

 

  • Net loss: ($62.2) million, which includes $48.9 million of impairment charges from hotel dispositions
  • Same-Property Hotel EBITDA: $348.2 million, $2.2 million over the midpoint of the Company’s outlook
  • Adjusted EBITDAre: $342.5 million, $6.0 million above the outlook’s midpoint
  • Adjusted FFO per diluted share: $1.58, $0.05 above the outlook’s midpoint

 

 

 

Q4 HOTEL

OPERATING RESULTS &

TRENDS

 

  • Operating outperformance vs. Q4 2024: Same-Property Hotel EBITDA +3.9% to $64.6 million; Adjusted EBITDAre +11.1% to $69.7 million; Adjusted FFO per diluted share +35.0% to $0.27, partly benefiting from a reduced share count from share buybacks.
  • Total Revenue Outpaced RevPAR: Same-Property Total RevPAR of +2.9% exceeded expectations, with RevPAR +1.2%, driven by occupancy gains, healthy weekend demand growth, especially at urban hotels, and continued strong out-of-room revenue growth of +5.5%.
  • Resorts Resilient; Urban Markets Balanced Despite Government-Related Disruption: Resort Total RevPAR +4.9%, reflecting solid demand and stronger food & beverage performance; Urban Total RevPAR +1.7%, despite the government shutdown.

 

 

 

CAPITAL INVESTMENTS, PORTFOLIO UPDATES, &

BALANCE

SHEET

 

  • Capital Investments: $22.7 million in Q4; $74.6 million for the full year.
  • Dispositions: Completed two hotel sales in Q4, totaling $116.3 million of proceeds; $100 million of net proceeds used to reduce outstanding debt.
  • Refinanced and Extended Near-Term Maturities: Closed a new $450.0 million unsecured term loan, with a maturity of 2031, repaying $360.0 million 2027 term loan; also repaid the Margaritaville Hollywood Beach Resort mortgage.
  • Balance Sheet: Following recent debt paydowns, approximately $150 million in cash and restricted cash on hand, a sector-low 4.1% weighted-average interest rate, and net debt to trailing 12-month corporate EBITDA declined to 5.9x.

 

 

 

2026

OUTLOOK

 

  • Net income/(loss): ($10.4) to $3.6 million
  • Same-Property Total RevPAR Growth Rate: 2.25% to 4.25%
  • Adjusted EBITDAre: $325.0 to $339.0 million
  • Adjusted FFO per diluted share: $1.50 to $1.62

Note:

See tables later in this press release for a description of Same-Property information and reconciliations from net income/(loss) to non-GAAP financial measures used in the table above and elsewhere in this press release. The sector-low weighted average interest rate is based on Pebblebrook’s analysis of EDGAR filings to date for all listed lodging REITs.

“In 2025, our portfolio benefited from a continuing recovery in several urban markets and resilient leisure demand throughout the portfolio. At the same time, it was a volatile and uneven year—shaped by significant headwinds, including macro uncertainty, policy-related disruption, a government shutdown, and market-specific events that reduced performance and, in several markets, limited pricing power.

 

‘Despite these challenges, our teams responded with focus and discipline. We prioritized building occupancy, increasing group mix in many markets and continuing to grow out-of-room revenues. Just as importantly, we limited expense growth to an exceptionally low level through our strategic operating efficiency initiatives, positioning us to expand margins and grow profitability as hotel demand recovers and the economy strengthens.

 

‘Performance across the portfolio was mixed, but the direction improved. San Francisco, Chicago, and Portland led the recovery, while San Diego and Washington, DC were challenged by government disruptions and weaker convention and government-related demand. Los Angeles was our most challenging market in 2025 due to the impact of early-year wildfires and other significant local disruptions.

 

‘Looking ahead to 2026, we are cautiously optimistic. The year sets up as extremely promising, with forecasts of healthy economic growth, a very constructive holiday calendar, a uniquely favorable schedule of major leisure events across many of our markets, and easy comparisons in Los Angeles and Washington, DC. Yet we remain mindful of macroeconomic and policy uncertainty that could negatively affect demand, as it did in 2025. We believe hotel demand will re-correlate with economic growth, aligning with its long-term historical relationship, and supply growth is extremely limited and a non-factor. We remain focused on operational execution, efficiency initiatives, selective additional property dispositions and using these proceeds and substantial free cash flow to reduce leverage and repurchase our shares at significant discounts to NAV.”

 

-Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust

 

Fourth Quarter and Year-to-Date Highlights

 

Fourth Quarter

 

Twelve months ended
December 31,

Same-Property and

Corporate Highlights

2025

 

2024

 

Var

 

2025

 

2024

Var

 

($ in millions except per share and RevPAR data)

Net income/(loss)

($17.0

)

 

($49.8

)

 

NM

 

($62.2

)

 

$0.0

 

NM

Same-Property RevPAR(1,2)

$197

 

 

$195

 

 

1.2%

 

$213

 

 

$214

 

(0.4%)

Excluding LA properties(1,3)

 

 

 

 

 

 

$216

 

 

$214

 

0.8%

Same-Property Total RevPAR(1,2)

$321

 

 

$312

 

 

2.9%

 

$339

 

 

$336

 

1.1%

Excluding LA properties(1,3)

 

 

 

 

 

 

$347

 

 

$340

 

2.2%

Same-Property Room Revenues(1,2)

$196.8

 

 

$194.4

 

 

1.2%

 

$898.7

 

 

$905.0

 

(0.7%)

Same-Property Total Revenues(1,2)

$321.0

 

 

$312.0

 

 

2.9%

 

$1,429.1

 

 

$1,417.6

 

0.8%

Same-Property Total Expenses(1,2)

$256.4

 

 

$249.9

 

 

2.6%

 

$1,081.0

 

 

$1,049.8

 

3.0%

Excluding RE Tax Credits Q2 ’24(1,2)

 

 

 

 

 

 

$1,081.0

 

 

$1,057.8

 

2.2%

Same-Property Hotel EBITDA (1,2)

$64.6

 

 

$62.2

 

 

3.9%

 

$348.2

 

 

$367.8

 

(5.3%)

Adjusted EBITDAre(1)

$69.7

 

 

$62.7

 

 

11.1%

 

$342.5

 

 

$359.2

 

(4.7%)

Adjusted FFO(1)

$31.1

 

 

$23.9

 

 

30.2%

 

$187.4

 

 

$204.3

 

(8.3%)

Adjusted FFO per diluted share(1)

$0.27

 

 

$0.20

 

 

35.0%

 

$1.58

 

 

$1.68

 

(6.0%)

 

NM = Not Meaningful

 

 

(1)

See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), EBITDA for Real Estate (“EBITDAre”), Adjusted EBITDAre, Funds from Operations (“FFO”), FFO per diluted share, Adjusted FFO, and Adjusted FFO per diluted share.

 

 

(2)

Includes information for all hotels the Company owned as of December 31, 2025, except for the following:

■ Newport Harbor Island Resort is excluded from Q1 and Q2.

■ LaPlaya Beach Resort & Club is excluded from Q4.

■ Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.

■ The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.

 

 

(3)

Includes information for all hotels the Company owned as of December 31, 2025, except for the following:

■ Newport Harbor Island Resort is excluded from Q1 and Q2.

■ LaPlaya Beach Resort & Club is excluded from Q4.

■ Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.

■ The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.

LA Properties for Q1 and Q2: Chamberlain West Hollywood Hotel, Hotel Palomar Los Angeles Beverly Hills, Hotel Ziggy, Hyatt Centric Delfina Santa Monica, Le Parc at Melrose, Mondrian Los Angeles, Montrose at Beverly Hills, Viceroy Santa Monica Hotel, and W Los Angeles – West Beverly Hills.

“Fourth quarter Same-Property Total Revenues grew 2.9% while expenses increased 2.6%, supporting modest margin expansion for the first time in 2025—an encouraging trend as demand continues to recover heading into 2026,” said Mr. Bortz. “Leisure transient customers outperformed our expectations, with fourth quarter weekend occupancies up 3.6% for the portfolio, and rising nearly 4.0% for the urban hotels, versus the prior year. This outperformance reflects both the strength of our upscale and luxury customer base, which has remained resilient amid economic uncertainty, and the leisure customers’ return to the cities.”

The Company’s fourth quarter results were further bolstered by an exceptionally strong rebound in San Francisco, which experienced strengthening in all demand segments, including business transient, group, convention, and leisure. The market is quickly regaining momentum and confidence, with pricing power just beginning to re-emerge.

“For the full year, our San Francisco hotels increased RevPAR by 17.5% and grew Hotel EBITDA by 58.5%, with fourth quarter RevPAR climbing by an impressive 37.9%,” continued Mr. Bortz. “We believe the recovery in San Francisco has a long runway, supported by limited new supply and robust economic growth, and we expect our hotels to be an increasingly meaningful contributor over the next several years, particularly given favorable convention bookings and pace, continued strength in AI-and tech-driven transient and group demand, and an ongoing recovery in leisure demand.”

Across the portfolio, the Company expects a stronger major-events calendar and improving demand in its urban markets to drive revenue and profitability growth in 2026. As revenues rebuild, Pebblebrook remains focused on expanding margins through continued disciplined cost control and a broad set of efficiency initiatives at both the property level and the corporate platform—supporting improved profitability and free cash flow. Same-Property EBITDA margins are forecasted to expand in 2026, as reflected in the Company’s Outlook. While Los Angeles and Washington, DC experienced market-specific disruptions that weighed on reported results in 2025, the underlying trend across the Company’s urban portfolio improved as the year progressed, and the resorts remained resilient.

“We’re bringing the same operating efficiency discipline we’ve applied at the property level to our corporate platform,” said Raymond D. Martz, Co-President and Chief Financial Officer. “Through a streamlined organizational structure, lower run-rate operating costs, and targeted process improvements supported by automation, we expect 2026 corporate cash general and administrative expenses to be modestly lower versus 2025. These actions reflect a more scalable platform—including an approximately 10% reduction in corporate staffing levels—and should increase free cash flow available for high-return capital allocation.”

Update on LaPlaya Recovery from Named Storms

The full restoration of LaPlaya Beach Resort & Club (“LaPlaya”), a 193-room luxury waterfront resort in Naples, Florida, was completed late in the second quarter following damage sustained from Hurricanes Helene and Milton in late 2024. In the third and fourth quarters, the Company undertook and completed significant targeted physical improvements to further strengthen the resort’s resilience against future weather events.

LaPlaya is included in Same-Property results for the first three quarters of 2025 and excluded from the fourth quarter for both 2025 and 2024 due to the impact of the 2024 storms. The Company recognized $3.1 million of business interruption (“BI”) insurance income in the fourth quarter, $1.1 million above its $2.0 million outlook, bringing the full-year BI insurance recovery to $12.7 million. This income contributes to Adjusted EBITDAre and Adjusted FFO, but is excluded from Same-Property Hotel EBITDA.

LaPlaya generated $24.5 million of Hotel EBITDA in 2025 despite significant construction disruption. Combined with the BI insurance income, the resort produced $37.2 million in Adjusted EBITDAre for the year. With the 2024 property and BI insurance hurricane claims now fully settled, no further BI insurance income is expected in 2026. Based on the Company’s 2026 Outlook, LaPlaya is forecasted to generate $28.0 to $30.0 million of Same-Property Hotel EBITDA and will be included in Same-Property results for all four quarters.

Update on Strategic Dispositions

The Company successfully completed two hotel sales in 2025, generating $116.3 million of gross proceeds, despite a challenging environment that limited industry transaction activity. These dispositions reduced exposure to Chicago and Los Angeles, lowered future capital requirements, and enabled the Company to redeploy proceeds toward debt reduction and accretive common and preferred share repurchases.

Proceeds from the dispositions were used to reduce outstanding debt by $100 million, repurchase $5 million of liquidation preference preferred securities outstanding, and support broader balance sheet strengthening and shareholder value initiatives.

Capital Investments and Strategic Property Redevelopments

During the fourth quarter, the Company invested $22.7 million in capital improvements across its portfolio, and in 2025, it invested $74.6 million. With the bulk of its multi-year $525 million strategic redevelopment program now complete, Pebblebrook has transitioned into a lower, more normalized level of annual capital investments. For 2026, the Company anticipates investing $65 to $75 million into the portfolio. This lower, normalized capital run-rate is an important tailwind in 2026, supporting higher discretionary free cash flow for debt reduction and opportunistic share repurchases.

Newport Harbor Island Resort continued its post-redevelopment ramp in 2025, its first full year of operations, with Total RevPAR increasing 38.5% and Hotel EBITDA growing $9.3 million to $17.7 million versus the pre-renovation period of the 12 months ending September 2023—illustrating the growth towards stabilization the Company expects to continue in 2026. In addition, other recently redeveloped properties, including Estancia La Jolla Hotel & Spa and Jekyll Island Club Resort among others, are also gaining share and improving profitability.

Balance Sheet and Share Repurchases

As of December 31, 2025, the Company held $196.2 million in cash, cash equivalents, and restricted cash, with $642 million of available capacity on its $650 million senior unsecured revolving credit facility. Additionally, net debt to trailing 12-month corporate EBITDA was 5.9x, and the fixed charge ratio was 1.8x.

On February 11, 2026, the Company closed on a new $450 million term loan, maturing in February 2031, with $360 million borrowed and $90 million available to be drawn through December 15, 2026. Concurrently, the Company paid off its $360 million term loan maturing October 2027 and the remaining $40 million mortgage related to the Margaritaville Hollywood Beach Resort. The $90 million delayed draw term loan, along with anticipated cash on hand at maturity, is intended to fund the remaining balance of the Company’s 1.75% Convertible Notes due December 2026. Outside of the December 2026 convertible notes, the Company has no significant debt maturities until 2028.

Currently, the Company’s consolidated debt and convertible notes bear an estimated 4.1% weighted-average interest rate and a weighted-average debt maturity of 3.1 years, with 98% effectively fixed at 4.1% and approximately 98% unsecured.

Throughout 2025, the Company repurchased 6.3 million common shares at an average price of $11.37 per share. Since October 2022, the Company has repurchased nearly 18.5 million common shares—approximately 14% of outstanding shares—at an average price of $13.37, representing a 43% discount to the midpoint of the Company’s most recently published NAV per share.

During the year, the Company also repurchased 0.5 million preferred shares at an attractive 24.3% average discount to liquidation preference, reducing total outstanding preferred equity securities to $754.3 million.

Common and Preferred Dividends

On December 15, 2025, the Company declared a quarterly cash dividend of $0.01 per share on its common shares and a regular quarterly cash dividend for the following preferred shares of beneficial interest:

  • $0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share;
  • $0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share;
  • $0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share; and
  • $0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.

Update on Curator Hotel & Resort Collection

Curator Hotel & Resort Collection (“Curator”) is a global alliance of experiential, independent lifestyle hotels and resorts, founded by Pebblebrook in partnership with leading independent operators. As of December 31, 2025, Curator included 91 member properties and 121 preferred vendor agreements, providing members with advantageous pricing, enhanced contract terms, and early access to innovative technologies, including AI and robotics. These benefits also extend across Pebblebrook’s portfolio. Curator’s mission is to strengthen independent hotels through best-in-class agreements, shared services, and technology that enhances performance and elevates the guest experience.

2026 Outlook

The Company’s 2026 Outlook assumes no acquisitions or dispositions and reflects a base-case operating environment. The Outlook excludes the impact of macroeconomic deterioration, significant policy shocks, major weather events (except for Winter Storm Fern), and federal government shutdowns. Preliminary January Same-Property RevPAR growth is estimated at 4.6%, reflecting favorable demand, despite the negative year-over-year loss of the Inauguration and the winter storm impact. February Same-Property RevPAR growth is trending significantly higher than January’s growth. All properties owned as of December 31, 2025, are incorporated into the Same-Property portfolio for 2026 and 2025.

 

The Company’s 2026 Outlook is as follows:

 

 

 

2026 Outlook

 

 

 

As of 2/25/26

 

 

 

($ in millions, except per share data)

 

 

 

Low

 

High

 

 

Net income/(loss)

($10.4)

 

$3.6

 

 

Adjusted EBITDAre

$325.0

 

$339.0

 

 

Adjusted FFO

$173.5

 

$187.5

 

 

Adjusted FFO per diluted share

$1.50

 

$1.62

 

 

Free Cash Flow (Adjusted FFO less capital investments & common dividends)

$104.0

 

$108.0

 

 

 

 

 

 

 

 

This 2026 Outlook is based, in part, on the following estimates and assumptions:

 

 

 

2026 Outlook

 

 

 

As of 2/25/26

 

 

 

($ in millions)

 

 

 

Low

 

High

 

 

U.S. Hotel Industry RevPAR Growth Rate

0.0%

 

2.0%

 

 

Same-Property RevPAR variance vs. 2025

2.0%

 

4.0%

 

 

Same-Property Total RevPAR variance vs. 2025

2.25%

 

4.25%

 

 

 

 

 

 

 

 

Same-Property Total Revenue variance vs. 2025

2.3%

 

4.3%

 

 

Same-Property Total Expense variance vs. 2025

2.3%

 

3.7%

 

 

 

 

 

 

 

 

Same-Property Hotel EBITDA

$358.0

 

$372.0

 

 

Same-Property Hotel EBITDA variance vs. 2025

2.1%

 

6.0%

 

 

The Company’s Q1 2026 Outlook is as follows:

 

 

 

 

 

 

 

 

 

Q1 2026 Outlook

 

 

 

As of 2/25/26

 

 

 

($ in millions, except per share data)

 

 

 

Low

 

High

 

 

Net income/(loss)

($20.3)

 

($16.3)

 

 

Adjusted EBITDAre

$60.0

 

$64.0

 

 

Adjusted FFO

$22.5

 

$26.5

 

 

Adjusted FFO per diluted share

$0.19

 

$0.23

 

 

 

 

 

 

 

 

This Q1 2026 Outlook is based, in part, on the following estimates and assumptions:

 

 

Q1 2026 Outlook

 

 

 

As of 2/25/26

 

 

 

($ in millions, except RevPAR data)

 

 

 

Low

 

High

 

 

Same-Property RevPAR

$208

 

$210

 

 

Same-Property RevPAR variance vs. 2025

7.5%

 

9.0%

 

 

Same-Property Total RevPAR variance vs. 2025

6.0%

 

7.5%

 

 

 

 

 

 

 

 

Same-Property Total Revenue variance vs. 2025

6.0%

 

7.5%

 

 

Same-Property Total Expense variance vs. 2025

5.3%

 

5.6%

 

 

 

 

 

 

 

 

Same-Property Hotel EBITDA

$70.0

 

$74.0

 

 

Same-Property Hotel EBITDA variance vs. 2025

8.7%

 

14.9%

 

Fourth Quarter 2025 Earnings Call

The Company will conduct its quarterly analyst and investor conference call on Thursday, February 26, 2026, beginning at 9:00 AM ET. Please dial (877) 407-3982 approximately ten minutes before the call begins to participate. A live webcast of the conference call will also be available through the Investor Relations section of www.pebblebrookhotels.com. To access the webcast, click on https://investor.pebblebrookhotels.com/news-and-events/webcasts/default.aspx ten minutes before the conference call. A replay of the conference call webcast will be archived and available online.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 44 hotels and resorts, totaling approximately 11,000 guest rooms across 13 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow @PebblebrookPEB.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook,” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts, and other forward-looking information and estimates. Examples of forward-looking statements include the following: descriptions of the Company’s plans or objectives for future capital investment projects, operations, or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For further information about the Company’s business and financial results, please refer to the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of February 25, 2026. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com

Pebblebrook Hotel Trust

Consolidated Balance Sheets

($ in thousands, except share and per-share data)

 

 

 

 

 

December 31, 2025

 

December 31, 2024

 

 

 

 

ASSETS

Assets:

 

 

 

Investment in hotel properties, net

$

5,023,457

 

 

$

5,319,029

 

Cash and cash equivalents

 

184,185

 

 

 

206,650

 

Restricted cash

 

12,018

 

 

 

10,941

 

Hotel receivables (net of allowance for doubtful accounts of $241 and $439, respectively)

 

34,184

 

 

 

39,125

 

Prepaid expenses and other assets

 

94,330

 

 

 

117,593

 

Total assets

$

5,348,174

 

 

$

5,693,338

 

 

 

 

 

LIABILITIES AND EQUITY

Liabilities:

 

 

 

Unsecured revolving credit facilities

$

—

 

 

$

—

 

Unsecured term loans, net of unamortized deferred financing costs

 

897,708

 

 

 

910,596

 

Convertible senior notes, net of unamortized debt premium and deferred financing costs

 

739,809

 

 

 

748,176

 

Unsecured senior notes, net of unamortized deferred financing costs

 

393,670

 

 

 

394,424

 

Mortgage loans, net of unamortized deferred financing costs

 

92,905

 

 

 

193,536

 

Accounts payable, accrued expenses and other liabilities

 

199,631

 

 

 

222,230

 

Lease liabilities - operating leases

 

333,068

 

 

 

320,741

 

Deferred revenues

 

104,900

 

 

 

92,347

 

Accrued interest

 

12,106

 

 

 

11,549

 

Distribution payable

 

11,639

 

 

 

11,865

 

Total liabilities

 

2,785,436

 

 

 

2,905,464

 

Commitments and contingencies

 

 

 

Shareholders' Equity:

 

 

 

Preferred shares of beneficial interest, $.01 par value (liquidation preference $676,724 and $690,000 at December 31, 2025 and December 31, 2024, respectively), 100,000,000 shares authorized; 27,068,962 and 27,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively

 

271

 

 

 

276

 

Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 113,188,134 and 119,285,394 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively

 

1,132

 

 

 

1,193

 

Additional paid-in capital

 

3,969,875

 

 

 

4,072,265

 

Accumulated other comprehensive income (loss)

 

605

 

 

 

16,550

 

Distributions and retained deficit

 

(1,503,262

)

 

 

(1,392,860

)

Total shareholders' equity

 

2,468,621

 

 

 

2,697,424

 

Non-controlling interests

 

94,117

 

 

 

90,450

 

Total equity

 

2,562,738

 

 

 

2,787,874

 

Total liabilities and equity

$

5,348,174

 

 

$

5,693,338

 

Pebblebrook Hotel Trust

Consolidated Statements of Operations

($ in thousands, except share and per-share data)

 

 

 

 

 

 

 

 

 

Three months ended

December 31,

 

Twelve months ended

December 31,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

(Unaudited)

 

 

 

 

Revenues:

 

 

 

 

 

 

 

Room

$

210,943

 

 

$

207,715

 

 

$

920,166

 

 

$

922,348

 

Food and beverage

 

99,832

 

 

 

93,756

 

 

 

388,375

 

 

 

372,369

 

Other operating

 

38,243

 

 

 

36,129

 

 

 

167,003

 

 

 

158,592

 

Total revenues

$

349,018

 

 

$

337,600

 

 

$

1,475,544

 

 

$

1,453,309

 

Expenses:

 

 

 

 

 

 

 

Hotel operating expenses:

 

 

 

 

 

 

 

Room

$

63,174

 

 

$

62,128

 

 

$

259,863

 

 

$

250,875

 

Food and beverage

 

72,142

 

 

 

70,450

 

 

 

280,379

 

 

 

273,731

 

Other direct and indirect

 

110,224

 

 

 

107,692

 

 

 

445,350

 

 

 

436,397

 

Total hotel operating expenses

 

245,540

 

 

 

240,270

 

 

 

985,592

 

 

 

961,003

 

Depreciation and amortization

 

54,869

 

 

 

57,480

 

 

 

227,659

 

 

 

229,531

 

Real estate taxes, personal property taxes, property insurance, and ground rent

 

30,709

 

 

 

33,502

 

 

 

133,364

 

 

 

126,183

 

General and administrative

 

11,682

 

 

 

12,144

 

 

 

49,474

 

 

 

48,081

 

Impairment

 

2,374

 

 

 

46,238

 

 

 

48,871

 

 

 

48,146

 

Business interruption insurance income and gain on insurance settlement

 

(6,003

)

 

 

(30,234

)

 

 

(17,422

)

 

 

(48,574

)

Other operating expenses

 

992

 

 

 

830

 

 

 

4,208

 

 

 

4,913

 

Total operating expenses

 

340,163

 

 

 

360,230

 

 

 

1,431,746

 

 

 

1,369,283

 

Operating income (loss)

 

8,855

 

 

 

(22,630

)

 

 

43,798

 

 

 

84,026

 

Interest expense

 

(28,738

)

 

 

(30,147

)

 

 

(103,333

)

 

 

(112,432

)

Other

 

1,540

 

 

 

1,458

 

 

 

3,596

 

 

 

2,794

 

Income (loss) before income taxes

 

(18,343

)

 

 

(51,319

)

 

 

(55,939

)

 

 

(25,612

)

Income tax (expense) benefit

 

1,361

 

 

 

1,471

 

 

 

(6,291

)

 

 

25,628

 

Net income (loss)

 

(16,982

)

 

 

(49,848

)

 

 

(62,230

)

 

 

16

 

Net income (loss) attributable to non-controlling interests

 

871

 

 

 

637

 

 

 

3,581

 

 

 

4,258

 

Net income (loss) attributable to the Company

 

(17,853

)

 

 

(50,485

)

 

 

(65,811

)

 

 

(4,242

)

Distributions to preferred shareholders

 

(10,442

)

 

 

(10,631

)

 

 

(42,316

)

 

 

(42,525

)

Repurchase of preferred shares

 

2,092

 

 

 

—

 

 

 

2,404

 

 

 

—

 

Net income (loss) attributable to common shareholders

$

(26,203

)

 

$

(61,116

)

 

$

(105,723

)

 

$

(46,767

)

 

 

 

 

 

 

 

 

Net income (loss) per share available to common shareholders, basic

$

(0.23

)

 

$

(0.51

)

 

$

(0.90

)

 

$

(0.39

)

Net income (loss) per share available to common shareholders, diluted

$

(0.23

)

 

$

(0.51

)

 

$

(0.90

)

 

$

(0.39

)

Weighted-average number of common shares, basic

 

113,237,850

 

 

 

119,285,394

 

 

 

117,027,594

 

 

 

119,774,655

 

Weighted-average number of common shares, diluted

 

113,237,850

 

 

 

119,285,394

 

 

 

117,027,594

 

 

 

119,774,655

 

Considerations Regarding Non-GAAP Financial Measures

 

This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

 

Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented.

 

Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).

 

EBITDA for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with Nareit guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

 

The Company also evaluates its performance by reviewing Adjusted FFO and Adjusted EBITDAre because it believes that adjusting FFO and EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO and Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders and EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted FFO and Adjusted EBITDAre:

 

- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in Adjusted FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company and its hotels.

- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.

- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in Adjusted FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company and its hotels.

- Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in Adjusted FFO does not reflect the underlying financial performance of the Company.

- Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in Adjusted FFO does not reflect the underlying financial performance of the Company.

- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in Adjusted FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company.

- Early extinguishment of debt and deferred tax benefit: The Company excludes these items because the Company believes that including these adjustments in Adjusted FFO does not reflect the underlying financial performance of the Company and its hotels.

- Gain on insurance settlement, amortization of share-based compensation expense, hurricane-related costs and unrealized loss on investment: The Company excludes these items because it believes that including these costs in Adjusted FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company and its hotels.

 

The Company presents weighted-average number of basic and fully diluted common shares and units by excluding the dilutive effect of shares issuable upon conversion of convertible debt.

 

The Company’s presentation of FFO and Adjusted FFO should not be considered as alternatives to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. The Company’s presentation of EBITDAre and Adjusted EBITDAre should not be considered as alternatives to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.

Pebblebrook Hotel Trust

Reconciliation of Net Income (Loss) to FFO and Adjusted FFO

($ in thousands, except share and per-share data)

(Unaudited)

 

 

 

 

 

 

 

Three months ended
December 31,

 

Twelve months ended
December 31,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Net income (loss)

$

(16,982

)

 

$

(49,848

)

 

$

(62,230

)

 

$

16

 

Adjustments:

 

 

 

 

 

 

 

Real estate depreciation and amortization

 

54,812

 

 

 

57,423

 

 

 

227,427

 

 

 

229,230

 

Impairment

 

2,374

 

 

 

46,238

 

 

 

48,871

 

 

 

48,146

 

FFO

$

40,204

 

 

$

53,813

 

 

$

214,068

 

 

$

277,392

 

Distribution to preferred shareholders and unit holders

 

(11,606

)

 

 

(11,796

)

 

 

(46,973

)

 

 

(47,182

)

Repurchase of preferred shares

 

2,092

 

 

 

—

 

 

 

2,404

 

 

 

—

 

FFO available to common share and unit holders

$

30,690

 

 

$

42,017

 

 

$

169,499

 

 

$

230,210

 

Transaction costs

 

106

 

 

 

—

 

 

 

200

 

 

 

44

 

Non-cash ground rent on operating and finance leases

 

1,741

 

 

 

1,863

 

 

 

7,191

 

 

 

7,476

 

Management/franchise contract transition costs

 

7

 

 

 

91

 

 

 

12

 

 

 

163

 

Interest expense adjustment for acquired liabilities

 

314

 

 

 

220

 

 

 

1,031

 

 

 

1,110

 

Finance lease adjustment

 

763

 

 

 

753

 

 

 

3,036

 

 

 

2,995

 

Non-cash amortization of acquired intangibles

 

(321

)

 

 

(482

)

 

 

(1,711

)

 

 

(1,927

)

Gain on insurance settlement

 

(2,927

)

 

 

(24,824

)

 

 

(4,747

)

 

 

(24,824

)

Early extinguishment of debt

 

913

 

 

 

2,247

 

 

 

(6,472

)

 

 

3,781

 

Amortization of share-based compensation expense

 

3,455

 

 

 

3,519

 

 

 

13,717

 

 

 

13,602

 

Repurchase of preferred shares

 

(2,092

)

 

 

—

 

 

 

(2,404

)

 

 

—

 

Hurricane-related costs

 

—

 

 

 

—

 

 

 

—

 

 

 

183

 

Deferred tax provision (benefit)

 

(1,543

)

 

 

(1,507

)

 

 

4,197

 

 

 

(28,483

)

Unrealized loss on investment

 

—

 

 

 

—

 

 

 

3,900

 

 

 

—

 

Adjusted FFO available to common share and unit holders

$

31,106

 

 

$

23,897

 

 

$

187,449

 

 

$

204,330

 

 

 

 

 

 

 

 

 

FFO per common share - basic

$

0.27

 

 

$

0.35

 

 

$

1.43

 

 

$

1.91

 

FFO per common share - diluted

$

0.27

 

 

$

0.35

 

 

$

1.43

 

 

$

1.90

 

Adjusted FFO per common share - basic

$

0.27

 

 

$

0.20

 

 

$

1.59

 

 

$

1.69

 

Adjusted FFO per common share - diluted

$

0.27

 

 

$

0.20

 

 

$

1.58

 

 

$

1.68

 

 

 

 

 

 

 

 

 

Weighted-average number of basic common shares and units

 

114,408,572

 

 

 

120,296,522

 

 

 

118,198,316

 

 

 

120,785,783

 

Weighted-average number of fully diluted common shares and units

 

114,998,044

 

 

 

120,709,955

 

 

 

118,780,855

 

 

 

121,274,346

 

 

 

 

 

 

See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.

Pebblebrook Hotel Trust

Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA

($ in thousands)

(Unaudited)

 

 

 

 

 

 

Three months ended
December 31,

 

Twelve months ended
December 31,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Net income (loss)

$

(16,982

)

 

$

(49,848

)

 

$

(62,230

)

 

$

16

 

Adjustments:

 

 

 

 

 

 

 

Interest expense

 

28,738

 

 

 

30,147

 

 

 

103,333

 

 

 

112,432

 

Income tax expense (benefit)

 

(1,361

)

 

 

(1,471

)

 

 

6,291

 

 

 

(25,628

)

Depreciation and amortization

 

54,869

 

 

 

57,480

 

 

 

227,659

 

 

 

229,531

 

EBITDA

$

65,264

 

 

$

36,308

 

 

$

275,053

 

 

$

316,351

 

Impairment

 

2,374

 

 

 

46,238

 

 

 

48,871

 

 

 

48,146

 

EBITDAre

$

67,638

 

 

$

82,546

 

 

$

323,924

 

 

$

364,497

 

Transaction costs

 

106

 

 

 

—

 

 

 

200

 

 

 

44

 

Non-cash ground rent on operating and finance leases

 

1,741

 

 

 

1,863

 

 

 

7,191

 

 

 

7,476

 

Management/franchise contract transition costs

 

7

 

 

 

91

 

 

 

12

 

 

 

163

 

Non-cash amortization of acquired intangibles

 

(321

)

 

 

(482

)

 

 

(1,711

)

 

 

(1,927

)

Gain on insurance settlement

 

(2,927

)

 

 

(24,824

)

 

 

(4,747

)

 

 

(24,824

)

Amortization of share-based compensation expense

 

3,455

 

 

 

3,519

 

 

 

13,717

 

 

 

13,602

 

Hurricane-related costs

 

—

 

 

 

—

 

 

 

—

 

 

 

183

 

Unrealized loss on investment

 

—

 

 

 

—

 

 

 

3,900

 

 

 

—

 

Adjusted EBITDAre

$

69,699

 

 

$

62,713

 

 

$

342,486

 

 

$

359,214

 

Business interruption insurance income

 

(3,076

)

 

 

(5,411

)

 

 

(12,675

)

 

 

(23,751

)

Corporate general and administrative and other expenses

 

7,366

 

 

 

7,522

 

 

 

31,372

 

 

 

35,087

 

Hotel EBITDA from non-same-property hotels

 

(9,385

)

 

 

(2,650

)

 

 

(13,026

)

 

 

(2,753

)

Same-Property Hotel EBITDA

$

64,604

 

 

$

62,174

 

 

$

348,157

 

 

$

367,797

 

 

 

 

 

 

 

 

 

See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.

Pebblebrook Hotel Trust

Reconciliation of Q1 2026 and Full Year 2026 Outlook Net Income (Loss) to FFO and Adjusted FFO

($ in millions, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three months ending
March 31, 2026

 

Year ending
December 31, 2026

 

Low

 

High

 

Low

 

High

 

 

 

 

 

 

 

 

Net income (loss)

$

(20

)

 

$

(16

)

 

$

(10

)

 

$

4

 

Adjustments:

 

 

 

 

 

 

 

Real estate depreciation and amortization

 

52

 

 

 

52

 

 

 

204

 

 

 

204

 

Impairment

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

FFO

$

32

 

 

$

36

 

 

$

194

 

 

$

208

 

Distribution to preferred shareholders and unit holders

 

(12

)

 

 

(12

)

 

 

(46

)

 

 

(46

)

Repurchase of preferred shares

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

FFO available to common share and unit holders

$

20

 

 

$

24

 

 

$

148

 

 

$

162

 

Non-cash ground rent on operating and finance leases

 

2

 

 

 

2

 

 

 

7

 

 

 

7

 

Amortization of share-based compensation expense

 

2

 

 

 

2

 

 

 

10

 

 

 

10

 

Other

 

(1

)

 

 

(1

)

 

 

9

 

 

 

9

 

Adjusted FFO available to common share and unit holders

$

23

 

 

$

27

 

 

$

174

 

 

$

188

 

 

 

 

 

 

 

 

 

FFO per common share - diluted

$

0.17

 

 

$

0.21

 

 

$

1.28

 

 

$

1.40

 

Adjusted FFO per common share - diluted

$

0.19

 

 

$

0.23

 

 

$

1.50

 

 

$

1.62

 

 

 

 

 

 

 

 

 

Weighted-average number of fully diluted common shares and units

 

115.7

 

 

 

115.7

 

 

 

115.8

 

 

 

115.8

 

 

 

 

 

 

 

 

 

See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.

Pebblebrook Hotel Trust

Reconciliation of Q1 2026 and Full Year 2026 Outlook Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre

($ in millions)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three months ending
March 31, 2026

 

Year ending
December 31, 2026

 

Low

 

High

 

Low

 

High

 

 

 

 

 

 

 

 

Net income (loss)

$

(20

)

 

$

(16

)

 

$

(10

)

 

$

4

Adjustments:

 

 

 

 

 

 

 

Interest expense and income tax expense

 

24

 

 

 

24

 

 

 

114

 

 

 

114

 

Depreciation and amortization

 

52

 

 

 

52

 

 

 

204

 

 

 

204

 

EBITDA

$

56

 

 

$

60

 

 

$

308

 

 

$

322

 

Impairment

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

EBITDAre

$

56

 

 

$

60

 

 

$

308

 

 

$

322

 

Non-cash ground rent on operating and finance leases

 

2

 

 

 

2

 

 

 

7

 

 

 

7

 

Amortization of share-based compensation expense

 

2

 

 

 

2

 

 

 

10

 

 

 

10

 

Other

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Adjusted EBITDAre

$

60

 

 

$

64

 

 

$

325

 

 

$

339

 

 

 

 

 

 

 

 

 

See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.

Pebblebrook Hotel Trust

Same-Property Statistical Data

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three months ended
December 31,

 

Twelve months ended
December 31,

 

 

2025

 

2024

 

2025

 

2024

 

 

 

 

 

 

 

 

 

Same-Property Occupancy

69.0%

 

67.1%

 

72.4%

 

70.7%

 

2025 vs. 2024 Increase/(Decrease)

2.8%

 

 

 

2.3%

 

 

 

 

 

 

 

 

 

 

 

Same-Property ADR

$285.73

 

$290.25

 

$294.96

 

$303.14

 

2025 vs. 2024 Increase/(Decrease)

(1.6%)

 

 

 

(2.7%)

 

 

 

 

 

 

 

 

 

 

 

Same-Property RevPAR

$197.06

 

$194.66

 

$213.49

 

$214.42

 

2025 vs. 2024 Increase/(Decrease)

1.2%

 

 

 

(0.4%)

 

 

 

 

 

 

 

 

 

 

 

Same-Property Total RevPAR

$321.37

 

$312.43

 

$339.48

 

$335.88

 

2025 vs. 2024 Increase/(Decrease)

2.9%

 

 

 

1.1%

 

 

 

 

 

 

 

 

 

 

 

Notes:

For the three months ended December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:

• LaPlaya Beach Resort & Club is excluded from Q4.

 

 

For the twelve months ended December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:

• Newport Harbor Island Resort is excluded from Q1 and Q2.

• LaPlaya Beach Resort & Club is excluded from Q4.

• Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.

• The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.

 

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust

Same-Property Statistical Data - by Market

(Unaudited)

 

 

 

 

 

Three months ended
December 31,

 

Twelve months ended
December 31,

 

2025

 

2025

Same-Property RevPAR variance to 2024:

 

 

 

San Francisco

37.9

%

 

17.5

%

Other Resort Markets

8.7

%

 

4.2

%

Portland

6.6

%

 

4.5

%

Southern Florida/Georgia

3.2

%

 

1.7

%

Chicago

2.9

%

 

3.3

%

Los Angeles

0.8

%

 

(10.7

%)

Boston

(0.7

%)

 

(1.4

%)

San Diego

(11.2

%)

 

(3.1

%)

Washington DC

(16.1

%)

 

(5.5

%)

 

 

 

 

Urban

1.4

%

 

(1.0

%)

Resorts

0.7

%

 

0.8

%

 

Notes:

 

 

 

For the three months ended December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:

• LaPlaya Beach Resort & Club is excluded from Q4.

 

 

For the twelve months December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:

• Newport Harbor Island Resort is excluded from Q1 and Q2.

• LaPlaya Beach Resort & Club is excluded from Q4.

• Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.

• The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.

 

"Other Resort Markets" includes:

Columbia River Gorge, WA, Santa Cruz, CA, and Newport, RI.

 

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust

Hotel Operational Data

Schedule of Same-Property Results

($ in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three months ended
December 31,

 

Twelve months ended
December 31,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

 

 

 

 

 

 

Same-Property Revenues:

 

 

 

 

 

 

 

Room

$

196,811

 

 

$

194,413

 

 

$

898,716

 

 

$

904,965

 

Food and beverage

 

91,185

 

 

 

86,699

 

 

 

373,489

 

 

 

362,461

 

Other

 

32,960

 

 

 

30,923

 

 

 

156,903

 

 

 

150,134

 

Total hotel revenues

 

320,956

 

 

 

312,035

 

 

 

1,429,108

 

 

 

1,417,560

 

 

 

 

 

 

 

 

 

Same-Property Expenses:

 

 

 

 

 

 

 

Room

$

59,224

 

 

$

57,736

 

 

$

253,863

 

 

$

245,189

 

Food and beverage

 

66,032

 

 

 

65,208

 

 

 

270,718

 

 

 

266,570

 

Other direct

 

7,911

 

 

 

7,513

 

 

 

34,964

 

 

 

34,297

 

General and administrative

 

27,971

 

 

 

26,745

 

 

 

117,381

 

 

 

116,287

 

Information and telecommunication systems

 

5,217

 

 

 

5,012

 

 

 

21,732

 

 

 

21,035

 

Sales and marketing

 

25,728

 

 

 

24,546

 

 

 

107,908

 

 

 

106,276

 

Management fees

 

8,581

 

 

 

8,244

 

 

 

39,620

 

 

 

40,227

 

Property operations and maintenance

 

13,586

 

 

 

12,733

 

 

 

55,811

 

 

 

53,315

 

Energy and utilities

 

10,133

 

 

 

9,855

 

 

 

43,732

 

 

 

42,844

 

Property taxes

 

16,003

 

 

 

15,761

 

 

 

69,685

 

 

 

59,502

 

Other fixed expenses

 

15,966

 

 

 

16,508

 

 

 

65,537

 

 

 

64,221

 

Total hotel expenses

 

256,352

 

 

 

249,861

 

 

 

1,080,951

 

 

 

1,049,763

 

 

 

 

 

 

 

 

 

Same-Property EBITDA

$

64,604

 

 

$

62,174

 

 

$

348,157

 

 

$

367,797

 

 

 

 

 

 

 

 

 

Same-Property EBITDA Margin

 

20.1

%

 

 

19.9

%

 

 

24.4

%

 

 

25.9

%

 

 

 

 

 

 

 

 

Notes:

 

 

 

 

 

 

 

For the three months ended December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:

• LaPlaya Beach Resort & Club is excluded from Q4.

 

 

For the twelve months ended December 31, 2025 and 2024, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:

• Newport Harbor Island Resort is excluded from Q1 and Q2.

• LaPlaya Beach Resort & Club is excluded from Q4.

• Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.

• The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.

 

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust

Historical Operating Data

($ in millions except ADR and RevPAR data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Historical Operating Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

 

Full Year

 

 

2019

 

2019

 

2019

 

2019

 

2019

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

76%

 

87%

 

86%

 

77%

 

82%

ADR

 

$256

 

$279

 

$277

 

$254

 

$267

RevPAR

 

$195

 

$241

 

$239

 

$196

 

$218

 

 

 

 

 

 

 

 

 

 

 

Hotel Revenues

 

$286.2

 

$357.0

 

$353.8

 

$303.5

 

$1,300.5

Hotel EBITDA

 

$75.9

 

$127.0

 

$120.5

 

$82.1

 

$405.5

Hotel EBITDA Margin

 

26.5%

 

35.6%

 

34.1%

 

27.1%

 

31.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

 

Full Year

 

 

2024

 

2024

 

2024

 

2024

 

2024

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

62%

 

76%

 

78%

 

67%

 

71%

ADR

 

$305

 

$313

 

$313

 

$290

 

$306

RevPAR

 

$189

 

$238

 

$245

 

$195

 

$217

 

 

 

 

 

 

 

 

 

 

 

Hotel Revenues

 

$287.8

 

$361.8

 

$373.7

 

$312.0

 

$1,335.3

Hotel EBITDA

 

$61.9

 

$114.1

 

$105.5

 

$62.2

 

$343.6

Hotel EBITDA Margin

 

21.5%

 

31.5%

 

28.2%

 

19.9%

 

25.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

Second Quarter

 

Third Quarter

 

Fourth Quarter

 

Full Year

 

 

2025

 

2025

 

2025

 

2025

 

2025

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

63%

 

78%

 

80%

 

69%

 

73%

ADR

 

$299

 

$309

 

$296

 

$286

 

$297

RevPAR

 

$188

 

$242

 

$237

 

$197

 

$216

 

 

 

 

 

 

 

 

 

 

 

Hotel Revenues

 

$290.2

 

$371.2

 

$367.6

 

$321.0

 

$1,349.9

Hotel EBITDA

 

$53.6

 

$109.6

 

$98.6

 

$64.6

 

$326.3

Hotel EBITDA Margin

 

18.5%

 

29.5%

 

26.8%

 

20.1%

 

24.2%

 

 

 

 

 

 

 

 

 

 

 

Notes:

 

 

 

 

 

 

 

 

 

 

These historical hotel operating results include information for all of the hotels the Company owned as of December 31, 2025, as if they were owned as of January 1, 2019, except for LaPlaya Beach Resort & Club which is excluded from all time periods due to its closure following Hurricane Ian. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses.

 

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust

2025 Same-Property Inclusion Reference Table

 

 

 

 

 

 

 

 

 

Hotels

 

Q1

 

Q2

 

Q3

 

Q4

 

 

 

 

 

 

 

 

 

LaPlaya Beach Resort & Club

 

X

 

X

 

X

 

 

Newport Harbor Island Resort

 

 

 

 

 

X

 

X

Montrose at Beverly Hills

 

X

 

X

 

X

 

 

The Westin Michigan Avenue Chicago

 

X

 

X

 

X

 

 

 

 

 

 

 

 

 

 

 

Notes:

 

 

 

 

 

 

 

 

A property marked with an "X" in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results.

 

The Company's 2025 results for Same-Property RevPAR, RevPAR Growth, Total Revenue Growth, Total Expense Growth, Hotel EBITDA, and Hotel EBITDA Growth include all of the hotels the Company owned as of December 31, 2025, except for the following:

• Newport Harbor Island Resort is excluded from Q1 and Q2.

• LaPlaya Beach Resort & Club is excluded from Q4.

• Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.

• Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.

 

Operating statistics and financial results may include periods prior to the Company's ownership of the hotels.

 

2026 Same-Property Inclusion

 

 

 

 

 

 

 

 

 

Notes:

The Company’s estimates and assumptions for 2026 Same-Property RevPAR, RevPAR Growth, Total Revenue Growth, Total Expense Growth, Hotel EBITDA, and Hotel EBITDA Growth include all of the hotels the Company owned as of December 31, 2025, with no exclusions.

 

Operating statistics and financial results may include periods prior to the Company's ownership of the hotels.

Pebblebrook Hotel Trust

Historical Hotel EBITDA by Property

(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025
Hotel
EBITDA
per Key

 

Hotel EBITDA

 

 

 

 

 

 

 

Market / Hotel

2010

 

2011

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

2020

 

2021

 

2022

 

2023

 

2024

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unique Lifestyle Resorts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LaPlaya Beach Resort & Club

$5.7

 

$7.6

 

$8.7

 

$10.7

 

$12.4

 

$15.7

 

$16.2

 

$11.8

 

$16.5

 

$17.7

 

$14.0

 

$27.4

 

$24.8

 

($0.6)

 

$19.0

 

$24.5

 

$126.9

L'Auberge Del Mar

4.6

 

5.4

 

5.6

 

7.7

 

8.1

 

9.9

 

9.3

 

9.4

 

9.5

 

7.3

 

2.7

 

8.5

 

9.0

 

8.7

 

9.6

 

9.2

 

76.0

Southernmost Beach Resort

9.0

 

10.4

 

10.8

 

14.1

 

17.6

 

19.9

 

21.1

 

17.9

 

19.3

 

21.4

 

13.1

 

24.4

 

24.2

 

21.3

 

20.3

 

22.4

 

75.7

Inn on Fifth

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

5.1

 

4.2

 

9.7

 

11.9

 

10.8

 

9.8

 

8.8

 

73.9

The Marker Key West Harbor Resort

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

4.8

 

5.8

 

4.6

 

5.6

 

6.0

 

3.1

 

7.9

 

7.9

 

7.0

 

6.4

 

7.0

 

72.9

Newport Harbor Island Resort

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

7.4

 

4.2

 

13.9

 

13.1

 

9.3

 

10.3

 

17.7

 

68.6

Margaritaville Hollywood Beach Resort

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

17.8

 

0.4

 

22.1

 

24.5

 

21.2

 

19.1

 

19.9

 

53.9

Estancia La Jolla Hotel & Spa

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

8.1

 

(0.3)

 

4.6

 

10.6

 

7.5

 

8.8

 

11.0

 

52.4

Skamania Lodge

4.4

 

4.8

 

5.2

 

6.0

 

6.8

 

7.7

 

8.1

 

9.0

 

9.5

 

10.3

 

1.2

 

7.7

 

12.3

 

12.6

 

13.1

 

12.3

 

45.4

Paradise Point Resort & Spa

8.3

 

11.8

 

13.7

 

14.8

 

16.1

 

16.7

 

14.7

 

16.8

 

17.5

 

15.3

 

4.6

 

14.1

 

20.5

 

21.1

 

24.4

 

17.4

 

37.7

Chaminade Resort & Spa

3.3

 

3.6

 

3.7

 

4.3

 

4.7

 

5.0

 

4.8

 

5.2

 

5.4

 

4.4

 

(1.1)

 

3.3

 

7.3

 

5.1

 

4.8

 

5.3

 

34.0

Jekyll Island Club Resort

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

5.0

 

2.7

 

8.7

 

7.4

 

5.3

 

4.8

 

6.0

 

30.0

San Diego Mission Bay Resort

4.4

 

4.7

 

5.2

 

5.5

 

7.0

 

7.9

 

8.3

 

8.8

 

8.1

 

5.5

 

(4.2)

 

6.9

 

9.5

 

10.8

 

7.8

 

5.8

 

16.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unique Lifestyle Resorts Total

$39.7

 

$48.3

 

$52.9

 

$63.1

 

$72.7

 

$87.6

 

$88.3

 

$83.5

 

$91.4

 

$131.1

 

$44.6

 

$159.2

 

$183.0

 

$140.1

 

$158.1

 

$167.3

 

$53.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Urban

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Liberty, a Luxury Collection Hotel, Boston

$6.1

 

$9.6

 

$13.3

 

$15.8

 

$17.2

 

$18.2

 

$18.5

 

$19.0

 

$21.4

 

$21.2

 

$0.3

 

$10.5

 

$21.1

 

$18.5

 

$20.0

 

$16.7

 

$56.0

The Westin Copley Place, Boston

21.3

 

23.5

 

24.4

 

25.8

 

28.7

 

32.7

 

33.3

 

31.5

 

28.5

 

32.9

 

(4.4)

 

3.0

 

30.7

 

33.7

 

35.1

 

34.0

 

42.3

Revere Hotel Boston Common

3.3

 

6.1

 

5.7

 

9.2

 

11.7

 

13.3

 

12.2

 

12.6

 

12.4

 

11.8

 

(6.1)

 

2.8

 

15.7

 

13.9

 

15.9

 

13.0

 

36.5

W Boston

3.8

 

4.4

 

5.8

 

6.2

 

8.1

 

9.6

 

9.3

 

9.2

 

7.9

 

8.1

 

(2.6)

 

2.4

 

7.2

 

7.9

 

6.5

 

6.7

 

28.2

Hyatt Regency Boston Harbor

6.2

 

6.7

 

7.3

 

7.7

 

9.3

 

11.1

 

10.8

 

10.8

 

10.7

 

10.1

 

(2.2)

 

1.6

 

5.6

 

6.1

 

8.0

 

5.7

 

21.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Total

$40.7

 

$50.3

 

$56.5

 

$64.7

 

$75.0

 

$84.9

 

$84.1

 

$83.1

 

$80.9

 

$84.2

 

($15.0)

 

$20.3

 

$80.3

 

$80.1

 

$85.5

 

$76.1

 

$38.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pebblebrook Hotel Trust

Historical Hotel EBITDA by Property - Continued

(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025
Hotel
EBITDA
per Key

 

Hotel EBITDA

 

 

 

 

 

 

 

Market / Hotel

2010

 

2011

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

2020

 

2021

 

2022

 

2023

 

2024

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Diego Urban

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hilton San Diego Gaslamp Quarter

$7.6

 

$8.5

 

$8.8

 

$8.9

 

$9.5

 

$10.5

 

$10.9

 

$11.1

 

$11.6

 

$10.5

 

($0.4)

 

$0.6

 

$7.1

 

$7.6

 

$11.7

 

$9.7

 

$33.9

The Westin San Diego Gaslamp Quarter

8.4

 

8.2

 

9.7

 

11.2

 

12.7

 

14.6

 

16.9

 

16.0

 

14.4

 

14.2

 

(1.3)

 

2.2

 

12.7

 

14.2

 

14.4

 

13.6

 

30.2

Embassy Suites San Diego Bay - Downtown

7.6

 

8.2

 

8.8

 

8.9

 

9.5

 

11.3

 

11.3

 

11.1

 

11.7

 

10.4

 

(0.2)

 

4.5

 

9.1

 

9.7

 

11.2

 

9.0

 

26.4

Margaritaville Hotel San Diego Gaslamp Quarter

5.2

 

6.3

 

6.5

 

6.3

 

6.5

 

7.4

 

7.7

 

7.3

 

7.3

 

7.0

 

(0.4)

 

2.1

 

6.2

 

0.8

 

7.7

 

5.1

 

21.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Diego Total

$28.8

 

$31.2

 

$33.8

 

$35.3

 

$38.2

 

$43.8

 

$46.8

 

$45.5

 

$45.0

 

$42.0

 

($2.3)

 

$9.4

 

$35.1

 

$32.3

 

$45.0

 

$37.4

 

$28.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chicago Urban

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel Chicago Downtown, Autograph Collection

$5.5

 

$5.3

 

$7.3

 

$8.4

 

$8.5

 

$10.4

 

$12.4

 

$12.3

 

$9.0

 

$9.2

 

($2.4)

 

$0.6

 

$6.9

 

$7.4

 

$7.0

 

$8.2

 

$23.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chicago Total

$5.5

 

$5.3

 

$7.3

 

$8.4

 

$8.5

 

$10.4

 

$12.4

 

$12.3

 

$9.0

 

$9.2

 

($2.4)

 

$0.6

 

$6.9

 

$7.4

 

$7.0

 

$8.2

 

$23.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington DC Urban

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel Monaco Washington DC

$5.5

 

$6.9

 

$7.6

 

$7.9

 

$7.9

 

$8.1

 

$8.1

 

$9.9

 

$8.6

 

$7.9

 

($1.4)

 

($0.5)

 

$4.7

 

$6.5

 

$6.8

 

$5.3

 

$28.8

George Hotel

4.2

 

4.6

 

4.1

 

4.1

 

4.3

 

5.2

 

5.7

 

6.3

 

5.7

 

5.3

 

(0.5)

 

0.0

 

3.7

 

3.9

 

3.9

 

3.5

 

25.2

Hotel Zena Washington DC

4.0

 

4.6

 

3.8

 

4.3

 

5.2

 

5.8

 

6.1

 

6.4

 

5.1

 

3.8

 

(2.3)

 

(2.7)

 

0.6

 

1.3

 

3.1

 

2.0

 

10.5

Viceroy Washington DC

3.3

 

3.6

 

3.4

 

3.2

 

3.2

 

3.0

 

3.6

 

5.8

 

5.5

 

4.9

 

(2.3)

 

(1.3)

 

1.1

 

0.9

 

2.7

 

1.6

 

9.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington DC Total

$17.0

 

$19.7

 

$18.9

 

$19.5

 

$20.6

 

$22.1

 

$23.5

 

$28.4

 

$24.9

 

$22.0

 

($6.5)

 

($4.5)

 

$10.1

 

$12.6

 

$16.5

 

$12.4

 

$17.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pebblebrook Hotel Trust

Historical Hotel EBITDA by Property - Continued

(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025
Hotel
EBITDA
per Key

 

Hotel EBITDA

 

 

 

 

 

 

 

Market / Hotel

2010

 

2011

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

2020

 

2021

 

2022

 

2023

 

2024

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Francisco Urban

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Hotel San Francisco

$4.0

 

$6.0

 

$7.4

 

$7.3

 

$8.6

 

$11.0

 

$10.3

 

$9.8

 

$8.0

 

$7.5

 

($4.0)

 

($4.9)

 

($2.9)

 

$4.7

 

$3.0

 

$6.5

 

$32.5

Harbor Court Hotel San Francisco

2.7

 

4.0

 

3.7

 

4.9

 

5.8

 

6.1

 

5.6

 

3.9

 

4.3

 

5.6

 

(0.3)

 

(1.0)

 

2.0

 

2.9

 

2.7

 

3.9

 

29.8

Argonaut Hotel

5.2

 

6.5

 

8.5

 

10.2

 

11.8

 

13.0

 

13.0

 

11.7

 

12.9

 

14.6

 

(1.5)

 

1.5

 

7.1

 

7.5

 

6.0

 

7.5

 

29.8

Hotel Zetta San Francisco

N/A

 

N/A

 

N/A

 

2.8

 

5.4

 

6.2

 

5.6

 

5.5

 

6.0

 

6.0

 

(0.3)

 

(1.4)

 

1.4

 

1.3

 

0.7

 

1.4

 

12.1

Hotel Zephyr Fisherman's Wharf

7.3

 

8.7

 

11.2

 

12.1

 

12.1

 

12.6

 

16.2

 

13.1

 

13.7

 

16.8

 

(1.1)

 

0.5

 

4.9

 

5.8

 

4.6

 

4.3

 

11.9

Hotel Zelos San Francisco

1.3

 

3.0

 

3.8

 

4.6

 

6.2

 

7.3

 

5.9

 

7.2

 

6.9

 

8.4

 

(2.5)

 

(4.6)

 

(0.1)

 

1.6

 

(0.4)

 

2.0

 

9.9

Hotel Zeppelin San Francisco

N/A

 

2.3

 

2.7

 

3.4

 

4.0

 

4.0

 

3.3

 

6.3

 

7.5

 

7.7

 

(1.2)

 

(1.6)

 

(1.2)

 

0.0

 

(0.7)

 

(0.3)

 

(1.5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Francisco Total

$20.5

 

$30.5

 

$37.3

 

$45.3

 

$53.9

 

$60.2

 

$59.9

 

$57.5

 

$59.3

 

$66.5

 

($10.9)

 

($11.5)

 

$11.2

 

$23.8

 

$15.9

 

$25.2

 

$17.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles Urban

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Le Parc at Melrose

$4.2

 

$4.5

 

$4.7

 

$5.3

 

$5.6

 

$6.1

 

$7.0

 

$6.1

 

$6.1

 

$5.8

 

($0.1)

 

$2.8

 

$5.5

 

$4.4

 

$4.3

 

$4.1

 

$26.6

Chamberlain West Hollywood Hotel

1.0

 

3.4

 

3.8

 

4.1

 

4.8

 

4.8

 

5.2

 

4.4

 

3.1

 

3.7

 

(0.2)

 

1.2

 

3.5

 

2.9

 

3.1

 

2.6

 

22.6

Hotel Palomar Los Angeles Beverly Hills

2.3

 

2.9

 

3.9

 

3.8

 

4.5

 

4.2

 

6.2

 

4.0

 

7.4

 

5.7

 

(4.2)

 

(1.2)

 

3.6

 

4.0

 

4.2

 

4.0

 

15.2

Hotel Ziggy

1.9

 

2.2

 

2.2

 

2.0

 

1.5

 

0.9

 

2.8

 

2.8

 

2.8

 

2.8

 

0.0

 

1.1

 

1.1

 

1.7

 

1.8

 

1.4

 

13.0

W Los Angeles - West Beverly Hills

5.6

 

6.9

 

8.0

 

8.7

 

8.9

 

9.5

 

12.3

 

11.5

 

10.2

 

8.4

 

(2.0)

 

0.7

 

6.8

 

7.8

 

8.3

 

3.8

 

12.8

Mondrian Los Angeles

7.9

 

8.9

 

7.4

 

8.2

 

11.0

 

12.2

 

12.6

 

11.8

 

8.6

 

7.6

 

(2.0)

 

2.1

 

5.0

 

4.3

 

3.1

 

2.9

 

12.3

Viceroy Santa Monica Hotel

3.0

 

5.8

 

6.9

 

7.6

 

8.2

 

8.4

 

7.8

 

7.0

 

6.6

 

6.2

 

(2.9)

 

1.8

 

5.4

 

4.4

 

3.1

 

1.4

 

8.3

Hyatt Centric Delfina Santa Monica

5.3

 

6.8

 

6.9

 

8.0

 

9.9

 

11.7

 

13.8

 

13.4

 

12.7

 

11.2

 

(0.8)

 

2.2

 

7.0

 

7.7

 

1.9

 

(1.4)

 

(4.4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles Total

$31.2

 

$41.4

 

$43.8

 

$47.7

 

$54.4

 

$57.8

 

$67.7

 

$61.0

 

$57.5

 

$51.5

 

($12.2)

 

$10.7

 

$37.9

 

$37.2

 

$29.8

 

$18.7

 

$11.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pebblebrook Hotel Trust

Historical Hotel EBITDA by Property - Continued

(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025
Hotel
EBITDA
per Key

 

Hotel EBITDA

 

 

 

 

 

 

 

Market / Hotel

2010

 

2011

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019

 

2020

 

2021

 

2022

 

2023

 

2024

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland Urban

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Nines, a Luxury Collection Hotel, Portland

$6.2

 

$8.0

 

$8.9

 

$10.8

 

$12.8

 

$15.2

 

$15.6

 

$15.8

 

$15.6

 

$13.0

 

($0.6)

 

$3.8

 

$8.0

 

$5.3

 

$5.2

 

$6.0

 

$18.1

The Hotel Zags

2.7

 

3.3

 

3.9

 

4.5

 

5.6

 

6.5

 

6.7

 

5.4

 

3.8

 

3.3

 

(1.0)

 

(0.6)

 

0.4

 

(0.2)

 

(0.4)

 

(0.4)

 

(2.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland Total

$8.9

 

$11.3

 

$12.8

 

$15.3

 

$18.4

 

$21.7

 

$22.3

 

$21.2

 

$19.4

 

$16.3

 

($1.6)

 

$3.2

 

$8.4

 

$5.1

 

$4.8

 

$5.6

 

$11.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Urban Total

$152.6

 

$189.7

 

$210.4

 

$236.2

 

$269.0

 

$300.9

 

$316.7

 

$309.0

 

$296.0

 

$291.8

 

($50.9)

 

$28.2

 

$189.9

 

$198.5

 

$204.5

 

$183.6

 

$23.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Hotel EBITDA

$192.3

 

$238.0

 

$263.3

 

$299.3

 

$341.7

 

$388.5

 

$405.0

 

$392.5

 

$387.4

 

$422.9

 

($6.3)

 

$187.4

 

$372.9

 

$338.6

 

$362.6

 

$350.8

 

$31.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes:

These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of December 31, 2025. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses.

 

The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income.

 

The retail space and two parking facilities at Hotel Chicago Downtown, Autograph Collection were sold on December 21, 2023. Historical results beginning from the year 2018, onward, for Hotel Chicago Downtown, Autograph Collection have been adjusted to reflect the estimated impact of excluding the retail and parking-related income.

 

Border indicates Hotel EBITDA for the year in which the hotel was acquired by the Company. The information above has not been audited and is presented only for comparison purposes. Any differences are a result of rounding.

 

Raymond D. Martz, Co-President and Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330

Source: Pebblebrook Hotel Trust