- Pebblebrook Hotel Trust ( NYSE: PEB ) operating trends turned lower in August vs. July even as transient business travel demand and activity kept recovering, it said Tuesday.
- "As expected, August operating results were not as strong as July due to normal back-to-school seasonality," the lodging REIT pointed out.
- August's occupancy rate came in at 71%, down from 74% in July, but up from 34% at the beginning of 2022.
- Its average daily rate stood at $309 compared with $334 in July and $269 in January.
- Revenue per room fell to $219 from $246 in July, though up from $91 in January.
- Hotel EBITDA slid to $37.4M from $50.4M in July, but gained from -$3.1M in January.
- Previously, (Aug. 18) Pebblebrook Hotel sells Sofitel Philadelphia for $80M .
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Pebblebrook Hotel August operating metrics slide despite recovering business travel demand