Pebblebrook Boosts EBITDA Outlook
Skift Take
Pebblebrook Hotel Trust increased their 2024 EBITDA and AFFO outlook despite reducing their RevPAR outlook, anticipating a stronger 2025.
The DJIA surged 654 points on Friday while Nasdaq was up 176, the S&P 500 rose 60 points and the 10-year treasury yield was down .06 to 4.20%. Lodging stocks were higher. SOND led with a 6% gain but BHR traded up 5% to a new high. Selina delists on Monday.
In Thursday's coverage of Pebblebrook Hotel Trust's earnings report, we focused so much on their commentary about leisure and group travel that we left out that they increased their 2024 EBITDA and AFFO outlook despite reducing their RevPAR outlook. While PEB is cautious about the rest of 2024, they are looking at 2025 being stronger. It really is about rate in the second half of the year for the reduced RevPAR outlook, offset by strong out-of-room spending from increased occupancy and significant remerchandising efforts across their redeveloped portfolio.
Canada's hotel industry achieved continued performance gains through ADR, according to CoStar's June 2024 data. June 2024 (percentage c
