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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

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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The additional steps are meant to ensure the long-term success of its owners as COVID-19 restrictions begin to ease and guests return to hotels.

The hotel is located in downtown West Palm Beach, two blocks from the Intracoastal Waterway to the east and the Palm Beach County Convention Center to the west.

Insurance companies believe that COVID-19-related losses should not be included in business interruption coverage, but the issue is far from settled.