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.
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.