- Pebblebrook Hotel ( NYSE: PEB ) sees its Q3 same-property total revenue and revenue per room both exceeding pre-pandemic comps for the first time, as business transient and group demand growth stay at healthy levels.
- Total revenue is expected to be $403.9M, up from $395.7M in Q2 and +2% from the same period in 2019, noting that Hurricane Ian resulted in a $2.0M hit to its top line.
- The lodging REIT targeted RevPAR of $233 vs. $221 in Q2 and +1% from Q3 2019.
- Its average daily rate was seen edging up to $321 from $319 in Q2, but hotel EBITDA is anticipated to pull back to $130.9M from $138.8M in Q2.
- Previously, (Sep. 20) Pebblebrook Hotel August operating metrics slide despite recovering travel demand .
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Pebblebrook Hotel expects Q3 revenue, RevPAR to beat pre-pandemic comps for first time