PEB - Pebblebrook Hotel Trust (PEB) Q1 2024 Earnings Call Transcript
2024-04-24 14:30:41 ET
Pebblebrook Hotel Trust (PEB)
Q1 2024 Earnings Conference Call
April 24, 2024 08:00 AM ET
Company Participants
Raymond Martz - Co-President and CFO
Jon Bortz - Chairman and CEO
Tom Fisher - Co-President and CIO
Conference Call Participants
Dori Kesten - Wells Fargo
Smedes Rose - Citi
Floris Van Dijkum - Compass Point
Duane Pfennigwerth - Evercore ISI
Bill Crow - Raymond James
Shaun Kelley - Bank of America
Michael Bellisario - Baird
Gregory Miller - Truist Securities
Anthony Powell - Barclays
Presentation
Operator
Greetings and welcome to the Pebblebrook Hotel Trust First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. Due to the fact that there's another industry call this morning at 9 AM Eastern, we'll be keeping today's call to an hour. [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. You may begin.
Raymond Martz
Thank you, Donna and good morning everyone. Welcome to our first 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.
But before we begin, please note that today's comments are effective only for today April 24th, 2024 and our comments may include forward-looking statements as defined under Federal Securities laws and actual results could differ materially from those discussed.
For a comprehensive analysis of potential risk, please consult our most recent SEC filings, and visit our website for detailed reconciliations of any non GAAP financial measures mentioned today.
Now, let's move on to our first quarter results. We are pleased to share our solid financial results in Q1 despite the negative impact of some challenging weather conditions on both coasts. Our urban markets, which continue to recover portfolio coupled with diligent operating costs reduction efforts by our hotel teams, asset managers, and the company, we handily exceeded the top end of our financial outlook and key metrics including same-property hotel EBITDA, adjusted EBITDA, and adjusted FFO.
Our urban markets were led by Washington D.C., which has been a standout performer. In Q1 hotel occupancy in D.C. gained an impressive 8 points rising to 61% and RevPAR increased by 7%....
Pebblebrook Hotel Trust (PEB) Q1 2024 Earnings Call Transcript