Pebblebrook Hotel Trust : One-Pager
PEB
Published on 05/04/2026 at 09:21 am EDT
2026 Outlook(1)
Reasons to Invest in Pebblebrook
Outlook as of April 28, 2026
Q2 2026
FY 2026
Low
High
Low
High
S-P RevPAR vs. '25
1.0%
3.0%
2.75%
4.75%
S-P Total RevPAR vs. '25
1.0%
3.0%
3.0%
5.0%
S-P Expense Growth vs. '25
2.3%
3.8%
2.4%
3.8%
S-P Hotel EBITDA
$113.5
$117.5
$369.0
$381.0
S-P Hotel EBITDA vs. '25
(2.1%)
1.3%
5.2%
8.6%
Adj. EBITDAre
$106.0
$110.0
$336.0
$348.0
Adj. FFO per Share
$0.58
$0.62
$1.60
$1.70
Free Cash Flow
$114.5
$116.5
Operating Highlights
Q1 2026 Outperformance
Broad-based operating outperformance: Same-Property RevPAR +11.8%, led by San Francisco, Los Angeles, San Diego Urban, Chicago, and resorts.
Healthy demand mix: Business and leisure transient led the outperformance, while group demand remained resilient.
Strong EBITDA Flow: Same-Property Total Revenue increased 10.2%, while expenses increased only 5.6%, driving 327 bps of Hotel EBITDA margin expansion and more than 50% flow-through to Hotel EBITDA.
Strategic operating initiatives are working: Total expense per occupied room declined 2.8%, reflecting stronger productivity, disciplined cost controls and lower energy expense.
2026 Outlook
Q1 hotel outperformance incorporated; balance-of-year outlook unchanged: Full-year guidance captures the Q1 beat, while Q2-Q4 assumptions remain unchanged given less visibility and heightened macroeconomic uncertainty.
Q2 trends remain unchanged: Transient demand remains healthy; group is expected to be softer due to weaker convention calendars in San Diego, San Francisco and Boston, with May expected to be the softest month.
World Cup outlook remains conservative: Expected to be a positive demand catalyst, but meaningful upside has not been incorporated into the 2026 outlook.
Capital Allocation
Balanced approach: leverage declined to 5.5x (from 5.9x at Y/E) on improved performance and refinancing in Q1; driving higher free cash flow and strategic flexibility.
Balance Sheet Highlights
5.5x Net Debt to EBITDA
4.1% Wtd. Avg. Interest Rate
98% Fixed / 98% Unsecured
No Maturities until 2028 (ex-'26 converts)
$205M Cash / $641M available capacity on credit facility
$350M
Fully Funded:
$205M Cash
+ '26 FCF
+ $90M
Delayed Draw Term Loan
$409M
$585M
$400M $360M
$350M remaining '26 converts addressed through cash on hand, '26 free cash flow, and $90M delayed-draw term loan capacity
2026 2027 2028 2029 2030 2031
Bank Group Term Loans Mortgage Loan Convertible Notes Senior Notes
1 hotel san francisco
the valorian los angeles, curio collection by hilton
Note: Dollars in millions, except per share figures. Any differences are due to rounding. Refer to the Company's April 2026 Investor Presentation for notes related to net asset value per share and balance sheet highlights.
RevPAR, Total RevPAR, Expense, and EBITDA growth reflect Same-Property portfolio statistics, which include all hotels owned as of March 31, 2026. Free Cash Flow is calculated as Adjusted FFO less actual capital investments and actual common dividends.
Occupancy
Implied EBITDA
Recovery (vs. '25)
PEB Urban Markets
2019
2025
Target Occ
Range
Los Angeles
83%
72%
75-80%
$22
San Francisco
87%
72%
80-85%
$18
Boston
88%
80%
80-85%
$14
San Diego
85%
80%
80-85%
$8
Washington, DC
77%
65%
70-75%
$5
Other(ii)
$3
Total Urban
~80%
$70
Urban Recovery Potential(i)
Demand Recovery: Assumes occupancy continues to recover but remains below prior peak and pre-pandemic levels.
▪ +$70M Urban EBITDA to be realized over next ~3 years: Leading markets include LA (+$22M), SF (+$18M), and Boston (+$14M).
Market by Market: Assumptions reflect city-specific recovery trends, expense growth estimates, and event-driven demand.
Significant EBITDA Growth Opportunity
Hotel EBITDA Upside of ~$86M
AFFO Upside of $0.66/Share(iii)
$70M
$437M
$10M
$351M
$6M
2025A
ROI from
Hotel EBITDA(iv) Redevelopments
~ 2 Years
LaPlaya Ramp-Up(v)
~ 2 Years
Recovery in Urban Markets
~ 3 Years
Stabilized Hotel EBITDA Opportunity
laplaya beach resort & club
the westin copley place, boston
2026 Event Catalysts Across Key Markets
World Cup: LA, Boston, San Francisco and South Florida
Major national events: Super Bowl LX in San Francisco; America 250 in Boston and Washington, DC
High-impact sports and citywide events: NBA All-Star, WNBA All-Star, NASCAR San Diego Weekend, President's Cup, Sail Boston, and major South Florida sporting events
Top Markets by EBITDA Contribution
Hotel EBITDA Contribution(vi)
2025 2019 Var.
San Diego
23%
14%
9%
Boston
22%
17%
5%
Naples
9%
3%
6%
Key West
8%
5%
3%
San Francisco
7%
23%
(16%)
Top 5 Markets
69%
62%
7%
East Coast
56%
38%
18%
West Coast
42%
56%
(14%)
Resort
48%
17%
31%
Urban
52%
83%
(31%)
Portfolio Attracts Luxury/Upscale Travelers
newport harbor island resort
$339 +$20 / +6.3% higher than peer average of $319.(vii)
Note: Dollars in millions, except per share and RevPAR figures. Any differences are due to rounding.
Includes information for all urban hotels the Company owned as of March 31, 2026.
Other urban markets include Portland, OR and Chicago, IL.
While LaPlaya's ramp-up is expected to benefit Hotel EBITDA, it would not add incremental AFFO/share upside, as lost EBITDA was offset by BI proceeds in 2025 (which are included in AFFO but excluded from Hotel EBITDA).
Includes all hotels owned by the Company as of March 31, 2026.
Reflects the remaining $10.5 million of Hotel EBITDA upside from LaPlaya, based on an estimated stabilized Hotel EBITDA of $35.0 million, with $24.5 million achieved in 2025.
Includes information for all hotels the Company owned as of December 31, 2025 and 2019, for each year, respectively.
Based on full-year 2025 information as reported in company filings; peer set average reflects information reported by nine comparable lodging REITs.
as of March 31, 2026.
Disclaimer
Pebblebrook Hotel Trust published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 13:20 UTC.