Pebblebrook Hotel Trust Stock Earnings Reports

Pebblebrook reported an exceptionally strong Q1 2026, outperforming the high end of its outlook across key metrics. Same-property hotel EBITDA rose 27.6% to $82.2M; adjusted EBITDA was $73.3M (up 29.5%); adjusted FFO per diluted share doubled to $0.32. RevPAR growth was broad-based: same-property occupancy +550 bps, ADR +2.8%, RevPAR +11.8% and total revenue +10.1%. Expense control was notable (same-property expenses +5.6%), yielding ~327 bps of hotel EBITDA margin expansion and more than 50% flow-through of incremental revenue to hotel EBITDA. Strong market performance was driven by events (Super Bowl, conventions, All-Star/NCAA) and recoveries in San Francisco and Los Angeles; Washington, D.C. and Boston lagged but are expected to improve. Resorts saw healthy leisure demand though resort EBITDA declined year-over-year. Company invested $11.9M in Q1 capex and maintains a full-year capex guide of $65–$75M. Balance sheet improved: net debt/EBITDA fell to 5.5x, cash ~$24.6M, ~$641M revolver capacity, ~98% of debt effectively fixed, WA interest rate ~4.1%. Share buybacks continue (400k+ shares at ~$12.11 average). Management raised full-year RevPAR and total RevPAR outlook ranges modestly and pushed a higher midpoint for same-property EBITDA growth, but remains cautiously positioned for Q2 and the balance of 2026 given geopolitical risks (Middle East conflict), potential air travel/jet-fuel impacts, and shorter booking windows. Management expects demand to remain constructive for premium leisure and business travel and is focused on sustaining operating efficiencies and pricing where possible.