Q2 2024 Pebblebrook Hotel Trust Earnings Call Transcript
Key Points
- Pebblebrook Hotel Trust (PEB) exceeded its Q2 financial outlook, with adjusted EBITDA and FFO surpassing expectations by $10 million and $7.5 million, respectively.
- The company observed strong performance from newly redeveloped and repositioned properties, capturing market share and improving cash flows.
- Urban markets like San Diego, Chicago, Boston, and Washington, D.C. showed healthy occupancy gains, contributing to overall positive performance.
- Efficiency and cost-saving initiatives led to lower year-over-year operating expenses, boosting hotel profitability.
- Pebblebrook Hotel Trust (PEB) raised its 2024 full-year outlook for same-property hotel EBITDA, adjusted EBITDA, and FFO, indicating confidence in continued strong performance.
- Underperforming urban markets such as Portland, Los Angeles, and San Francisco negatively impacted overall urban recovery.
- Resort RevPAR declined by 0.7% due to a 5.4% decrease in ADR, indicating price sensitivity among leisure travelers.
- The company adopted a more cautious top-line outlook for the second half of the year due to increased price sensitivity among leisure travelers.
- Severe weather in Southern Florida in early June led to increased cancellations and reduced bookings at Florida resorts, impacting overall performance.
- Concerns about gradually slowing ADR growth and a slowing economy were highlighted, indicating potential challenges ahead.
Greetings, and welcome to the Pebblebrook Hotel Trust second-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Raymond Martz, Co-President and Chief Financial Officer. Thank you. Please go ahead.
Thank you, Donna. Good morning, everyone. Welcome to our second quarter 2024 earnings call and webcast. Joining me today is Jon Bortz, our Chairman and Chief Executive Officer; and Tom Fisher, our Co-President and Chief Investment Officer.
Before we begin, please note today's comments are effective only for today, July 25, 2024, and our comments may include forward-looking statements as defined under federal securities laws, and actual results could differ materially from those discussed today.
For a comprehensive analysis of potential risks, please consult our most recent SEC filings and visit our website for additional details and reconciliations
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