Pebblebrook Hotel Trust Q4 Earnings Call Highlights

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Sat, February 28, 2026 astatine 2:08 PM CST 8 min read

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Q4 results bushed expectations: Same-property full RevPAR roseate 2.9% and adjusted EBITDA accrued 11.1% to $69.7 million, with adjusted EPS of $0.27, helped by stronger occupancy (+190 bps) and a 5.5% summation successful non-room RevPAR.
Performance divided by market: Redeveloped resorts and San Francisco drove maturation (San Francisco RevPAR up ~32–38% and edifice EBITDA +17.4%), portion Los Angeles, Washington D.C. and immoderate coastal markets faced disruptions from events and softer normal calendars.
Balance expanse and 2026 outlook: Management lowered 2026 CapEx to $65–75 million, completed $116M+ successful plus sales, refinanced near-term maturities with a $450M word loan, returned superior via buybacks, and guided conservatively to full-year RevPAR maturation of 2%–4% (Q1 RevPAR +7.5%–9%).
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Pebblebrook Hotel Trust (NYSE:PEB) reported fourth-quarter 2025 results that absorption said came successful up of expectations contempt question disruptions tied to a authorities shutdown. On the company’s net telephone held Feb. 26, 2026, executives pointed to accelerating request trends successful respective cardinal markets, continued spot successful out-of-room spending, and disciplined disbursal absorption arsenic the main drivers supporting their outlook for 2026.

Co-President and CFO Raymond Martz said Pebblebrook ended 2025 with “stronger than expected” fourth-quarter maturation adjacent arsenic the authorities shutdown weighed connected demand. Same-property full RevPAR accrued 2.9%, portion same-property edifice EBITDA roseate 3.9% to $64.6 million, which Martz said was $2.2 cardinal supra the midpoint of the company’s outlook.

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Adjusted EBITDA accrued 11.1% twelvemonth implicit twelvemonth to $69.7 million, astir $6 cardinal supra the midpoint, helped by beardown hotel-level results, little firm G&A, and concern interruption income related to LaPlaya. Adjusted EPS was $0.27, $0.05 supra the midpoint of guidance and up $0.07, oregon 35%, from the 4th fourth of 2024, which Martz attributed successful portion to stock repurchases.

Operationally, same-property occupancy accrued 190 ground points successful the quarter, portion ADR declined 1.6%, resulting successful a 1.2% summation successful RevPAR. Management highlighted out-of-room show arsenic a cardinal contributor: non-room RevPAR accrued 5.5%, driving the 2.9% summation successful full RevPAR. Martz described a deliberate gross absorption attack focused connected occupancy wherever it produces stronger incremental profitability, peculiarly astatine edifice properties that payment from higher nutrient and beverage and ancillary spending.

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