Pebblebrook Hotel Trust's August Same-Property RevPAR Dips 1% Due To Storms; Urban Markets Show Demand Recovery
Portfolio Pulse from Nabaparna Bhattacharya
Pebblebrook Hotel Trust's Same-Property revenue per available room (RevPAR) decreased by 1% in August due to Tropical Storm Hilary and Hurricane Idalia. The storms caused cancellations, early check-outs, and one-time repair expenses, reducing hotel revenues by $3.5 million and hotel EBITDA by $2.5 million. However, urban markets like Los Angeles, Washington DC, San Francisco, Boston, and Chicago are showing recovery in demand, driving increases in occupancy and RevPAR.
September 22, 2023 | 3:34 pm
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NEUTRAL IMPACT
Pebblebrook Hotel Trust's RevPAR decreased by 1% in August due to storms, reducing revenues and EBITDA. However, recovery in urban markets is driving increases in occupancy and RevPAR.
The decrease in RevPAR due to storms has negatively impacted Pebblebrook's revenues and EBITDA. However, the recovery in demand in urban markets could offset this impact in the short term. Therefore, the overall impact on the stock price is neutral.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100