Q2: Pebblebrook raises outlook on higher rates and occupancy

Bethesda-based Pebblebrook Hotel Trust had a heady second quarter, reporting high occupanies and even higher room rates. Pebblebrook had second-quarter net income of $16.6 million  compared to $8.7 million. Funds from operations rose to 56 cents per share, from 43 cents.

“Our hotels continue to realize healthy increases in travel demand from the business and leisure transient segments, as well as ongoing strength from inbound international travel,” said Pebblebrook CEO Jon Bortz.

Pebblebrook’s revenue per available room rose 9.2 percent from a year ago. Daily room rates were up 7.6 percent and occupancy rose 1.4 percent.

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Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

Pebblebrook made recent news when it paid $49 million for the Prescott Hotel in San Francisco, and acquired The Nines Hotel in Portland, Ore., for $127 million, earlier this month.

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Tisch joined Loews Hotels & Co in June 2017 from Loews Corp., where he was a VP.