Pebblebrook Hotel Trust, based in Bethesda, MD, announced that its November operating results surpassed expectations. The company saw a 6.4% year-over-year increase in same-property hotel RevPAR and a 7.5% growth in non-room revenues.
According to the REIT’s investor presentation, urban same-property total RevPAR experienced a significant 10.0% Y-O-Y growth driven by strong performance in San Francisco, Washington DC and Boston markets. Pebblebrook’s properties in San Francisco specifically saw an impressive 31% increase in RevPAR due to robust business travel and group bookings as well as favorable convention schedules.
While resort same-property total RevPAR remained flat overall for November compared to the previous year period, there was only a slight decline of 1.4%, with occupancy increasing by an impressive rate of 5%. In their investor presentation, Pebblebrook noted that this improvement from October’s results demonstrates positive progress.
As reportedly the largest owner of urban and resort lifestyle hotels and resorts across various U.S markets including thirteen urban areas and resorts , Pebblebrook currently owns forty-six properties .
