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Pebblebrook Hotel Trust
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Latest analysis
Updated Oct 30, 2026
Pebblebrook Q3 2026: Third Consecutive Beat on Every Metric as ADR-Led RevPAR Accelerates to 8.3%, Urban Recovery Widens
Pebblebrook delivered its third consecutive quarter of outperformance in Q3 2026, with same-property RevPAR growing 8.3% driven by a 7% ADR increase — a structural shift from occupancy-led recovery to rate-led growth. Resort EBITDA margins expanded 250 basis points to 32.6% while urban hotels, still $21.8 million below 2019 EBITDA levels, added $7 million of incremental EBITDA with San Francisco alone on pace for 65% full-year EBITDA growth. Management raised the full-year RevPAR outlook by 280 basis points at the midpoint and explicitly frames 2027 as the beginning of a multiyear pricing acceleration cycle, supported by constrained new supply and sustained demand growth.
Tone: bullishRevenue
$1.5B
PEB 10-K · FY 2025
Employees
52
Revenue FY2024
$1.5B
Founded
2009
Profile
PEB 10-K Item 1 · Feb 25, 2026Pebblebrook Hotel Trust is an internally managed Maryland REIT that acquires and invests in upper-upscale, full-service hotels and resorts concentrated in major U.S. gateway coastal urban markets and select leisure destination markets. As of December 31, 2025, the company owned interests in 44 hotels totaling 11,052 guest rooms. Properties are leased to taxable REIT subsidiary lessees and operated by third-party hotel management companies.
Read filing description ↓ Collapse description ↑
Pebblebrook Hotel Trust is an internally managed hotel investment company, formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets. As of December 31, 2025, the Company owned interests in 44 hotels with a total of 11,052 guest rooms. Substantially all of the Company's assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (our 'Operating Partnership'). The Company is the sole general partner of our Operating Partnership. For the Company to maintain its qualification as a REIT under the Code, it cannot operate the hotels it owns. Therefore, our Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, 'PHL'), our taxable REIT subsidiary ('TRS'), which in turn engage third-party eligible independent contractors to manage the hotels. We focus on both branded and independent full-service 'upper-upscale' hotels. The full-service hotels on which we focus our investment activity generally have one or more restaurants, lounges, meeting facilities and other amenities, as well as high levels of customer service. We believe that our target markets, including the major gateway markets and leisure destinations, are characterized by barriers-to-entry and that room-night demand and average daily rate growth of these types of hotels and resorts will outperform the national average over the long-term, as they have in past cyclical recoveries and growth periods.
Primary products
- upper-upscale full-service hotels
- resort properties
- hotel investment and asset management
- Curator Hotel & Resort Collection
End markets
Geographies
“We believe that upper-upscale, full-service hotels and resorts and upscale hotels located in major U.S. urban, convention and drive-to and destination resort markets are likely to generate some of the most favorable risk-adjusted returns in the lodging industry over the long-term.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased by $22.2 million in 2025 versus 2024, driven primarily by recovery at Newport Harbor Island Resort, LaPlaya Beach Resort & Club, San Francisco properties, Estancia La Jolla, and The Westin Copley Place, Boston, partially offset by lower revenue at Hyatt Centric Delfina Santa Monica, two Los Angeles properties, and the sale of two non-comparable properties.
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