Newport Harbor Island Resort is excluded from Oct-Dec as it is closed due to its ongoing redevelopment.1 Hotel San Francisco is excluded from Jan-Jun since it was closed in the first half of 2022 for redevelopment and reflagging.LaPlaya Beach Resort & Club is excluded from all months due to its closure following Hurricane Ian.Includes information for all the hotels the Company owned as of December 31, 2023, except for the following: See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share. ($ in millions except per share and RevPAR data) Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trustįourth Quarter and Year-to-Date Highlights These strategic investments, coupled with the continued momentum in the recovery of our urban markets, position us well for strong performance in future years, once the macro-economic outlook stabilizes." These substantial investments are already starting to deliver significant market share and cash flow increases, with most of the upside to come in the next two to three years. Additionally, since 2018, we've invested over $540 million in our multi-year major capital reinvestment and redevelopment program, of which $300 million has been focused on transforming and repositioning our portfolio. International inbound travel is also continuing to recover, aiding our urban properties in particular, just as outbound international travel should moderate from 2023's revenge travel abroad. We anticipate positive benefits from strong convention calendars in many of our key urban markets, including Boston, San Diego, Washington, D.C., and Chicago, and we expect business group and transient travel to continue to recover. While overall industry demand has been softening in the lower to middle segments, likely as a result of the Federal Reserve's initiatives to diminish inflation, the ongoing recovery in our urban markets, and in the upper upscale segment, which includes most of our hotels and resorts, remains favorable. "We remain cautiously optimistic regarding our prospects for 2024. Our resorts continued to gain occupancy due to increased business group demand, partially offsetting the moderation in average daily room rates as leisure travel normalized. A steady recovery in business transient and group travel, combined with increased weekend leisure demand, fueled this upward trend in our urban markets. "In 2023, we benefited from a significant resurgence in urban demand across our portfolio, particularly in San Francisco, Washington, D.C., and Chicago. See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures used in the table above and elsewhere in this press release. Targeting capital investments of $85 to $90 million, down significantly from prior-year levels In 2023, the Company sold 7 properties, generating approximately $331 million of gross proceeds that were used to reduce the Company's outstanding debt and repurchase common/preferred shares at substantial discounts to the Company's estimated NAV and liquidation valuesĪddressed all material 2024 debt maturities by extending $357 million of its $460 million October 2024 maturity term loan to 2028, and paying down $157.6 million of existing debt, including $110.0 million of 20 maturities pricing on all the Company's term loans remained unchangedĬompleted $152.3 million of capital investments throughout the portfolio in 2023, capping off a multi-year comprehensive $540 million-plus capital reinvestment and redevelopment program Same-Property Hotel EBITDA of $66.6 million, Adjusted EBITDA re of $63.3 million, and Adjusted FFO per diluted share of $0.21, exceeding the top end of the Company's Q4 Outlook by $0.07 2022, exceeding our outlook, with Same-Property Urban Total RevPAR rising 8.8% and Same-Property Resort Total RevPAR declining 0.4% Same-Property Total RevPAR increased 5.7% vs. $356.7 million in 2022Īdjusted FFO (1) per diluted share of $1.60 vs. Same-Property Hotel EBITDA (1) of $350.9 million, 2.6% below 2022Īdjusted EBITDA re (1) of $356.4 million, vs. Same-Property Total RevPAR (1) increased 5.9% vs. Pebblebrook Hotel Trust Reports 2023 Results and Provides 2024 Outlook
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