PEB - Pebblebrook sees Q2 RevPAR falling below view as leisure demand wanes
2023-06-23 09:28:37 ET
Pebblebrook Hotel Trust ( NYSE: PEB ) said Friday it expects revenue per room (RevPAR) for the second quarter to fall "slightly below expectations" as weekend leisure demand dwindled in recent weeks.
“Weekend leisure demand has weakened over the last several weeks, partly due to cooler weather in Southern California and the Pacific Northwest and less leisure splurge for suites and premium rooms,” the lodging REIT said in its operating update. "In addition, the Writers’ strike has negatively impacted business demand in Los Angeles."
PEB edged down 0.5% in premarket trading.
Still, Q2 hotel EBITDA, adjusted EBITDAre and adjusted FFO stayed in line with or above PEB's expectations, as business travel demand continued to improve and urban hotels continued their recovery.
As for its operating trends last month, RevPAR of $216 advanced 1% from the year-ago period and total revenue of $122.2M rose 2% from last year.
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Pebblebrook sees Q2 RevPAR falling below view as leisure demand wanes